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8 Ways to improve your leadership skills
Leaders are the heralds of growth, advancement, and success of an organization. They are accredited for its non-performance. In addition...
What is a Loan?
Loan Concept
​​​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. Â
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 Subscription - Reading Program to unlock this content!This content is locked
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 (May 20, 2022) What is a Loan?. Retrieved from https://www.skillioma.com/what-is-a-loan/.
"What is a Loan?." Skillioma - May 20, 2022, https://www.skillioma.com/what-is-a-loan/
"What is a Loan?." Skillioma - Accessed May 20, 2022. https://www.skillioma.com/what-is-a-loan/
Skillioma May 12, 2020 What is a Loan?., viewed May 20, 2022,<https://www.skillioma.com/what-is-a-loan/>
Skillioma - What is a Loan?. [Internet]. [Accessed May 20, 2022]. 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: May 20, 2022]
Power Words :
- Interest rate
- Collateral
- Tenure
- Seed capital
- Imposed
- Pledge
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