What is a Loan?
A loan is a borrowed sum from a bank or a financial institution. A person or entity who receives the money is called a borrower and the institution who provides the loan is called a lender.
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Note: You can calculate the approximate amount of EMI before applying for the loan through an EMI calculator which is available on most of the bank’s website.
Nowadays a good credit score (above 700) is required to seek approval for any type of loan.
Citations :
Skillioma (October 12, 2024) What is a Loan?. Retrieved from https://repo.skillioma.com/what-is-a-loan/.
"What is a Loan?." Skillioma - October 12, 2024, https://repo.skillioma.com/what-is-a-loan/
"What is a Loan?." Skillioma - Accessed October 12, 2024. https://repo.skillioma.com/what-is-a-loan/
Skillioma January 10, 2024 What is a Loan?., viewed October 12, 2024,<https://repo.skillioma.com/what-is-a-loan/>
Skillioma - What is a Loan?. [Internet]. [Accessed October 12, 2024]. Available from: https://repo.skillioma.com/what-is-a-loan/
"What is a Loan?." Skillioma [Online]. Available: https://repo.skillioma.com/what-is-a-loan/. [Accessed: October 12, 2024]
Power Words :
- Interest rate
- Collateral
- Tenure
- Seed capital
- Imposed
- Pledge
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