What is a Loan?

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​​​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 Home (March 1, 2024) What is a Loan?. Retrieved from https://repo.skillioma.com/what-is-a-loan/.
"What is a Loan?." Skillioma Home - March 1, 2024, https://repo.skillioma.com/what-is-a-loan/
"What is a Loan?." Skillioma Home - Accessed March 1, 2024. https://repo.skillioma.com/what-is-a-loan/
Skillioma Home January 10, 2024 What is a Loan?., viewed March 1, 2024,<https://repo.skillioma.com/what-is-a-loan/>
Skillioma Home - What is a Loan?. [Internet]. [Accessed March 1, 2024]. Available from: https://repo.skillioma.com/what-is-a-loan/
"What is a Loan?." Skillioma Home [Online]. Available: https://repo.skillioma.com/what-is-a-loan/. [Accessed: March 1, 2024]

Power Words :

  • Interest rate
  • Collateral
  • Tenure
  • Seed capital
  • Imposed
  • Pledge

 

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