ऋण प्रबंधन एवं लोन · NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination
What this chapter covers
When debt helps and when it hurts: debt-to-income, purpose, cost and tenor of borrowing, credit scores, secured versus unsecured loans, loan terms (floating rate, LAP, hire purchase, lease, amortisation, pre-EMI, moratorium, pledge, hypothecation), loan types, EMI arithmetic, restructuring and debt-repayment strategies.
ऋण प्रबंधन — DTI, क्रेडिट स्कोर, सुरक्षित/असुरक्षित ऋण, EMI गणना, पुनर्गठन और कर्ज़ चुकाने की रणनीतियाँ।
What to master before the exam
- Debt servicing ratio = monthly debt payments ÷ monthly income (Rs 7,500 of Rs 15,000 = 50%, too high); spend after saving: income − savings = expenses.
- Revolving credit on a card at 3% a month costs (1.03)^12 − 1 ≈ 42.6% a year; CIBIL-type scores run 300–900 and every individual gets one free full credit report a calendar year from each credit bureau.
- Pledge (movable asset stays with the lender), hypothecation (asset stays with the borrower, e.g. a car loan), mortgage (immovable property); RBI bars prepayment charges on bank home loans.
- EMI via PMT and its split via PPMT/IPMT: on Rs 10 lakh at 7% for 10 years the EMI is about Rs 11,610, of which Rs 5,833 is interest in month one; restructuring is judged on the present value of the new payments.
- Avalanche (highest rate first), snowball (smallest balance first) and blizzard (snowball first, then avalanche); invest-or-prepay depends on the loan rate versus the expected return and its risk.
Exam tip: The longest chapter in Module 1 (37 marks). Numericals on EMI, debt-to-income and the annualised cost of card debt are common, and caselets ask which loan to repay first under avalanche or snowball — work through the workbook's four-loan example.
Sample questions from this chapter
Five of the 52 questions in our free bank. Open the answer to see the explanation — every question in the mock test has one, in English and Hindi.
Question 1
Loans on which lenders protect themselves by a charge, pledge or mortgage on the property bought are also called:
जिन ऋणों पर ऋणदाता खरीदी गई संपत्ति पर charge, pledge या mortgage लेकर खुद को सुरक्षित करते हैं, उन्हें यह भी कहा जाता है:
- Overdraftsओवरड्राफ्ट
- Mortgagesमॉर्गेज (mortgages)
- Revolving creditरिवॉल्विंग क्रेडिट
- P2P loansP2P लोन
Show answer & explanation
Answer: B — Mortgages
Lenders protect themselves by securing the loan against a charge, security, pledge or mortgage on the property; such loans are also called ‘mortgages’.
ऋणदाता संपत्ति पर charge, security, pledge या mortgage लेकर ऋण सुरक्षित करते हैं; ऐसे ऋणों को ‘मॉर्गेज’ भी कहा जाता है।
Question 2
The idea that using borrowed funds instead of own funds (leverage) may actually increase the return on an investment is linked in the workbook to:
यह विचार कि अपने धन के बजाय उधार धन (लीवरेज) का उपयोग किसी निवेश पर रिटर्न बढ़ा सकता है, workbook में किससे जोड़ा गया है?
- The Rule of 72Rule of 72 (72 का नियम)
- Zero base budgetingज़ीरो बेस बजटिंग
- The snowball methodस्नोबॉल पद्धति
- The Modigliani-Miller (M&M) Theoremमोदिग्लियानी-मिलर (M&M) प्रमेय
Show answer & explanation
Answer: D — The Modigliani-Miller (M&M) Theorem
The workbook notes that the decision to use borrowed funds over own funds, called leverage, may increase the return on an investment (Modigliani-Miller Theorem).
Workbook बताती है कि अपने धन के बजाय उधार धन का उपयोग, यानी लीवरेज, निवेश पर रिटर्न बढ़ा सकता है (मोदिग्लियानी-मिलर प्रमेय)।
Question 3
Which statement about the debt-to-income (DTI) ratio is correct as per the workbook?
Workbook के अनुसार डेट-टू-इनकम (DTI) अनुपात के बारे में कौन-सा कथन सही है?
- There is no perfect or optimal DTI; lenders agree a lower DTI is better and set their own limitsकोई ‘परफेक्ट’ या इष्टतम DTI नहीं है; ऋणदाता मानते हैं कि कम DTI बेहतर है और अपनी सीमाएँ स्वयं तय करते हैं
- All lenders use one identical DTI limit for every loanसभी ऋणदाता हर ऋण के लिए एक ही DTI सीमा अपनाते हैं
- Lenders prefer a higher DTIऋणदाता ऊँचा DTI पसंद करते हैं
- DTI is calculated as total liabilities ÷ total assetsDTI = कुल देनदारियाँ ÷ कुल एसेट
Show answer & explanation
Answer: A — There is no perfect or optimal DTI; lenders agree a lower DTI is better and set their own limits
There is no perfect or optimal DTI that lenders require, but all lenders agree that a lower DTI is better; depending on the size and type of loan, they set their own limits. (Liabilities ÷ assets is the leverage ratio.)
ऋणदाताओं के लिए कोई परफेक्ट या इष्टतम DTI नहीं है, पर सभी मानते हैं कि कम DTI बेहतर है; ऋण के आकार और प्रकार के अनुसार वे अपनी सीमा तय करते हैं। (देनदारियाँ ÷ एसेट लीवरेज अनुपात है।)
Question 4
A salaried employee earns ₹40,000 per month and pays ₹18,000 per month towards debt servicing. His debt servicing ratio is:
एक वेतनभोगी कर्मचारी रु. 40,000 प्रति माह कमाता है और ऋण सेवा पर रु. 18,000 प्रति माह चुकाता है। उसका डेट सर्विसिंग अनुपात है:
- 45%, which is comfortable45%, जो आरामदायक है
- 55%, which is too high55%, जो बहुत अधिक है
- 45%, which is too high45%, जो बहुत अधिक है
- 22%, which is comfortable22%, जो आरामदायक है
Show answer & explanation
Answer: C — 45%, which is too high
Debt servicing ratio = 18,000 ÷ 40,000 = 45%. This is above the 35%–40% level seen as excessive, leaving little for regular expenses, emergencies and investing.
डेट सर्विसिंग अनुपात = 18,000 ÷ 40,000 = 45%। यह 35%–40% के अत्यधिक स्तर से ऊपर है, जिससे नियमित खर्च, आपात स्थिति और निवेश के लिए कम बचता है।
Question 5
Which of the following is an example of investment expenditure rather than consumption expenditure?
निम्न में से कौन उपभोग व्यय (consumption expenditure) के बजाय निवेश व्यय (investment expenditure) का उदाहरण है?
- Eating at a restaurantरेस्टोरेंट में खाना
- Buying clothesकपड़े खरीदना
- Spending at a saloonसैलून में खर्च
- Buying a bondबॉन्ड खरीदना
Show answer & explanation
Answer: D — Buying a bond
Consumption expenditure creates no asset that generates further income (restaurant, clothes, saloon); investment expenditure creates an asset that can generate income in future, such as a bond or property.
उपभोग व्यय से आय देने वाला कोई एसेट नहीं बनता (रेस्टोरेंट, कपड़े, सैलून); निवेश व्यय से ऐसा एसेट बनता है जो भविष्य में आय दे सके, जैसे बॉन्ड या संपत्ति।
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