Terms of credit.

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Terms of credit.

Posted by Divya Yadav 7 years, 1 month ago

CBSE > Class 10 > Social Science

2 answers

Suchith K 7 years, 1 month ago

Interest rate, documentation, collateral all together are called terms of credit

1Thank You

Yogita Ingle 7 years, 1 month ago

Every loan agreement specifies an interest rate which the borrower must pay to the lender along with the repayment of the principal, this is called the terms of credit.
In addition to the interest , lenders may demand collateral (security) against loans. Collateral is an asset that the borrower owns (such as land, building, vehicle, livestocks, deposits with banks) and uses this as a guarantee to a lender until the loan is repaid.

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CBSE > Class 10 > Social Science