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.
A lender levies a specified per cent of interest on the loan based on the eligibility factors of the borrower, such as income, job stability, credit score, etc. For example, as a borrower, if you have a salary of INR 1 Lakh/month and you need a loan of INR 30 Lakhs, the bank will provide credit at a low-interest rate (8-8.5%) and for a lengthy tenure.
Here is the crux of loan concept – The borrower has to repay the loan amount, including the interest rate as imposed by the lender, over a prescribed period. Upgrade to Premium Plan to unlock this content!This content is locked
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