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Glossary.

1. Equated Monthly Installment (EMI)

The amount of payment required to be made by the Borrower to Alphera Financial Services, which may be either fixed (EMI) or variable to amortise the Loan with Interest over the Term.

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2. Loan

The amount sanctioned by Alphera Financial Services to the borrower including principal amount, interest, additional interest and any other for the purpose of purchasing a vehicle.

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3. Term

The duration for which the Loan has been granted to the Borrower.

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4. Down Payment

An initial percentage of vehicle value that is directly paid by you to the dealer and on its basis Alphera Financial Services shall decide your eligibility towards the maximum loan amount.

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5. Early Termination

Early repayment of the loan before the scheduled termination date for any reason, voluntary or involuntary, subject to the prior permission of Alphera Financial Services. In most cases of early termination, you must pay an early termination fee along with related charges, if any.

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6. Early Termination/ Foreclosure charges

The amount you owe if your loan ends before its scheduled termination date, as described in your loan agreement.

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7. Maturity

Contract termination date i.e. upon the completion of loan tenure, as mentioned in your loan agreement.

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8. Balloon finance

Method of finance by instalments in which in addition to regular monthly payments a higher final instalment is agreed with which the loan is finally discharged. This lowers the monthly payment and combines the advantages of financing.

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9. Retail Finance Agreement / Loan agreement

Agreement between the Alphera Financial Services and the borrower for repayment of a loan sanctioned for purchase of vehicle to the borrower.

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10. Structured Payment/ Scheme

Structured Payment is a customized product that provides the customer the flexibility to schedule his monthly payments as per his requirement.

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11. Part Payment / Partial Pre-payment

The Borrower may ,after obtaining the prior consent of Alphera Financial Services, prepay the outstanding Loan in part before the due dates. If any part payment is allowed, it shall be done as per details specified in the Retail Finance Agreement/ Loan Agreement.

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12. Disbursement

The act of paying out or disbursing money. It is the money paid out by Alphera Financial Services to the dealership on behalf of the loan applicant in connection with the financing of a vehicle.

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13. Amortization Schedule

An amortization schedule is a table detailing each periodic payment on an amortizing loan. A portion of each payment is towards interest while the remaining amount is applied towards the principal outstanding. The percentage of interest versus principal in each payment is determined in an amortization schedule.

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14. Retention customer

A customer is retained if he terminates one Alphera finance contract and signs another Alphera retail finance contract within the retention period. The retention period starts 6 months before and 3 months after contract termination. Contract termination can be either due to ‘Early Termination’ or ‘Contract Maturity’.

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