Terms of credit.
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Posted by Divya Yadav 6 years, 10 months ago
- 2 answers
Yogita Ingle 6 years, 10 months 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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Suchith K 6 years, 10 months ago
1Thank You