👉 Refundability is a concept in finance that refers to the ability of an issuer or borrower to return money they borrowed at a later date, usually within a certain period or if it's not used by the borrower. This can be achieved through various mechanisms such as a grace period, early repayment penalties, or the use of collateral. Refundability is important in the context of financial transactions because it allows borrowers to access funds even if they are unable to pay off their debts on time. It also
