Explain any four importance terms of …

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Explain any four importance terms of credit

Posted by Account Deleted 3 years ago

CBSE > Class 10 > Social Science

2 answers

Omya Aryan 3 years ago

Interest rate, Collateral, Documentation and Mode of payment is collectively known as Terms of Credit.

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Akshat Mishra 3 years ago

1. Interest rates- The interest rate is the rate that is decided while borrowing and lending loans, interest rate is mentioned in the document. 2. Collateral- It is an asset that the borrower owns like a house, shop, property, etc. It is used to take loans. 3. Documentation required- The borrowers before lending money check all the documents related to the employment record and income earned by the borrower. 4. Mode of payment- It is the duration in which the loan is to be repaid. long term loans can be repaid in 12 months, 6 months, or monthly installments Thanks ki jarurat nahi hai Thodi madad kar deta hu main

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