Question

Define a loan
How does a person gets the loan

Answer 1

In finance, a loan is the lendingof money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient (i.e. the borrower) incurs a debt, and is usually liable to pay interest on that debt until it is repaid, and also to repay the principal amount borrowed.

Answer 2

A loan is the money given to another party in exchange for repayment of the loan later .

The process of getting a loan :-

♥ Visit the website of the financial lender .

♥ Under the loan section, choose personal loans .

♥ Click on the ‘apply now’ option .

♥ Enter the details in the personal loan application form and submit it to the bank .

♥ The bank will assess the eligibility of the applicant and request for the submission of the required KYC documents and income documents .

♥ If the applicant is found eligible , the bank will disburse the loan amount to the bank account of the applicant , as mentioned in the application form .