An individual may need financial assistance that might be required to meet an emergency or purchase an asset. But due to high cost or insufficient financial reseources, it might be difficult to fulfill it. A loan could help an individual in this situation.
A loan provides all the money requested in one go at the time it is issued whereas in the case of a credit facility, a bank provides the customer with an amount of money that could be used as per the requirement either using the entire amount or partly.
At the end of the course, you would be able to understand:
- What is a Loan ?
- What is a Credit?
- Types of Loans
- Types of Credit