Understanding Power and Influence: The magnet for success
Before you embark on the professional expedition, understanding the use and abuse of power and influence is a requisite. Possessing...
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.
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
Citations :
Skillioma (October 27, 2021) What is a Loan?. Retrieved from https://www.skillioma.com/what-is-a-loan/.
"What is a Loan?." Skillioma - October 27, 2021, https://www.skillioma.com/what-is-a-loan/
"What is a Loan?." Skillioma - Accessed October 27, 2021. https://www.skillioma.com/what-is-a-loan/
Skillioma May 12, 2020 What is a Loan?., viewed October 27, 2021,<https://www.skillioma.com/what-is-a-loan/>
Skillioma - What is a Loan?. [Internet]. [Accessed October 27, 2021]. Available from: https://www.skillioma.com/what-is-a-loan/
"What is a Loan?." Skillioma [Online]. Available: https://www.skillioma.com/what-is-a-loan/. [Accessed: October 27, 2021]
Power Words :
- Interest rate
- Collateral
- Tenure
- Seed capital
- Imposed
- Pledge
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