Waived Off Meaning In English
Waived Off translation, meaning, definition, explanation and examples of relevant words and pictures - you can read here.
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Meaning
Waived-Off means the act of forgiving or cancelling of a portion of an outstanding debt owed by a debtor or creditor. This means that the borrower is not obliged to repay the waived portion of the loan.
Example
Suppose you have a loan of Rs. 13,000 from a borrower. You fall behind on your payments due to financial problems and the lender decides to grant you a foreclosure. That means the lender will forgive a portion of your loan, up to Rs. 5,000 and the remaining Rs. 7,000 only you have to repay.
Sentence
Banks sometimes waive-off the loan if the borrower defaults on the loan.
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