Question

before taking a loan a person has to fill some terms and conditions what are the conditions(terms of credit).Explain.

Answer 1

Answer:

$->$Most of the terms and conditions are standard fare – amount of money borrowed, interest charged, repayment plan, collateral, late fees, penalties for default – but there are other reasons that loan agreements are useful. A loan agreement is proof that the money involved was a loan, not a gift.

Answer 2

Explanation:

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