Define credit
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Posted by Lovepreet Singh Mehra 4 years ago
- 3 answers
Yogita Ingle 4 years ago
It a mathod of advancing loan by a commercial bank underwhich short term secured cash loan is provided by the bank to the borrower and the borrower can withdraw the amount in a single instalment or in a number of instalment according to his requirements.
Meghna Thapar 4 years ago
Credit is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately, but promises either to repay or return those resources at a later date. Bank credit is the total amount of funds a person or business can borrow from a financial institution. Credit approval is determined by a borrower's credit rating, income, collateral, assets, and pre-existing debt.
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Arpit Mishra 4 years ago
2Thank You