Megha has taken a loan of Rs. 5 lakhs from the bank to purchase a house. The
annual interest rate on the loan is 12% and the loan to be repaid in 10 years in
monthly instalments. Megha had to submit to the bank-documents before the bank
agreed to give her a loan.
a. What documents/security do the banks demand against loans?
b. What do you understand by "Terms of credit"?
c. Why do we need to take a loan? ?
d. "Credit' at times pushes us into a 'debt trap? What does this mean?
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Explanation:
Duaw a line L. Take a point I outside the line
Though point I deqw a line parallel to line L.
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