Loan and Credit
A loan is an amount of money that an individual or companies borrow from banks or other financial institutions.
There are times when people borrow funds to make a purchase. For example home, car, machinery, etc. Some people borrow because they may not have the necessary funds available with them. Some people borrow to take advantage of favorable interest rates and tax benefits.
A loan is a sum of money that an individual or companies borrow from banks or other financial institutions so that they can purchase or incurr expenditure as per plan. In doing so, the borrower incurs a debt, that is to be paid back along with interest and within a given period of time.
At the end of this course, you would be able to understand:-
- When people borrow funds to make a purchase.
- Home loan.
- Different types of property mortgage.
- Overdraft facilities with bank.
- Credit card facility provided by bank.
- Refinancing of loan.
- Leasing of property.
- Consumer loan.