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Credit (from Latin verb credit, meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), but promises either to repay or return those resources (or other materials of equal value) at a later date ...
Challan or Chalan is a common Hindi word (चालान, cālān) that has become an Indian English technical word used officially in many professional, especially financial transactions. It usually means an official form or receipt of acknowledgement or other kind of proof document , piece of paperwork, police citation , etc.
A variant of jugaad in Pakistan is a motorcycle made into a motorized trike called chand-gari meaning "moon vehicle" or chingchee after the Chinese company Jinan Qingqi who first introduced these to the market. [18] Today, a jugaad is one of the most cost-effective transportation solutions for rural Indians, Pakistanis, and Bangladeshis.
Sahyog means co-operation in Hindi and Gujrati, the predominant [6] languages of traders. The hundi is so named because it required the co-operation of multiple parties to ensure that the hundi has an acceptable risk and fairly good likelihood of being paid, in the absence of a formalized credit monitoring and reporting framework. [7]
Secured lines of credit offer the lender the right to seize the asset in case of non-payment. Because their risk is lower, secured lines of credit typically come with a higher maximum credit limit and significantly lower interest rate. [3] On the other hand, unsecured lines of credit have higher interest rates than secured lines of credit.
TransUnion CIBIL Limited is a credit information company operating in India. It maintains credit files on 600 million individuals and 32 million businesses. TransUnion is one of four credit bureaus operating in India and is part of TransUnion, an American multinational group. [2] [3]
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The modern double entry system was likely a direct precursor of the first European adaptation many centuries later. [4] The first known use of the terms "debit" and "credit" occurred in the Venetian Luca Pacioli's 1494 work, Summa de Arithmetica, Geometria, Proportioni et Proportionalita (A Summary of Arithmetic, Geometry, Proportions and Proportionality).