"Banks and Co operatives help people in obtaining cheap and affordable loans". Which values according to you does the support?
Answers
Answer:
collateral:
The amount of money accepted as deposit from the public is granted as loans by the blanks. Banks provide different types of loans to individuals and institutions. The interest rate of loans will be higher than the interest rate of deposits . There will be differences in the interest rate depending on the duration of loan ,its purpose, etc.
Explanation:
Bank loans are provided by accepting a collateral. A few are
- physical assets - gold , property documents , etc.
- Fixed deposit certificates
Cash credit:
Banks also provide loans by accepting salary certificates. The loans given to individuals and institutions by such collaterals are called cash credit.
some of the purposes for which banks provide cash credit to public:
- Agricultural purposes
- Industrial purposes
- constructing houses
- purchasing vehicles
- purchasing home appliances
Overdraft:
loan given by commercial banks to individuals is overdraft . This is an opportunity for a customer to withdraw money over above the balance in his/her account . This facility is provided to individuals who have frequent transactions with the bank . Generally this opportunity is provided to individuals who maintain current deposits.
Bank charges interest amount for additional amount.***********************************************************************************************************************( NB: please mark as brainliest)