Q.2 Which among the following is NOT Part of 'Term of Credit"?
1. Interest Rate
2. Collateral 3. Mode of Repayment 4. Pass Book
Answers
Answered by
3
Answer:
option 4 passbook
toc = INTEREST RATE + MOR+ COLLATERAL + DOC REQUIREMENTS
Answered by
1
Pass Book is NOT a Part of 'Term of Credit'.
Option: (4)
Explanation:
- Term of credit is the scheduled timings and amounts that a buyer is liable to pay in the future based on an agreement between the buyer and the seller.
- Term of credit can vary from lender to lender and maybe based on individual lender policies.
- Interest rate, documentation, collateral and mode of repayment are the four terms of credit.
- Pass Book on the other hand is a record of all the transactions made in one's account over a particular period of time.
- It is updated on the request of customers by banks. It cannot be a a part of term of credit.
To know more:
Explain any four terms of credit with examples??
https://brainly.in/question/2363535
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