Question

Terms of credit does not include options are interest rate , collateral , cheque , mode of repayment

Answer 1

Answer:

Terms of credit do not include Cheques

Explanation:

Terms of Credit comprise interest rate, collateral, documentation, and mode of repayment

Credit terms include collateral, interest rate, documentation requirements, and repayment style. Credit conditions vary greatly from one credit arrangement to the next. They can differ depending on the borrower's and lender's characteristics.

• The rate of interest is agreed upon by both parties when borrowing or lending loans and a document is mentioned.
• The collateral serves as a guarantee/security to the term loan lender until the loan is fully repaid. If the borrower does not repay or fails to repay the debt, the term loan lender has the right to sell the assets/collateral to recover the money.
• Before lending money, the borrower examines all documentation connected to the borrower's employment history and income.
• The repayment mode refers to how and when the borrower repays the loan.

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