List the prerequisites of procuring credit …
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Gaurav Seth 5 years, 2 months ago
- Every loan agreement specifies an interest rate which the borrower must pay to the lender along with repayment of the principal.
- In addition, lender may demand collateral, i.e., an asset that the borrower owns and uses this as a guarantee until the loan is repaid.
- If the borrower fails to repay the loan, the lender has the right to sell the collateral to obtain payment.
- Terms of credit comprise interest rate, collateral and documentation requirement, and the mode of repayment.
<section> <nav> </nav> </section>*The terms of credit vary substantially from one credit arrangement to another. They may vary depending on the nature of the lender and the borrower.
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