Varun has taken a loan of Rs 10,00,000 from the bank to purchase a car . The annual interest rate on the loan is 15% and the loan is to be repaid in 5 years , in monthly installments . The bank retained the papers of a new car as collateral , which will be returned to Varun only when he repays the entire loan with interest . Analyse the loan information given above , considering one of the following correct option.
1. Mode of repayment
2. Terms of credit
3. Interest on loan
4. Deposit Criteria
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Answer:
2) Terms of credit
Explanation:
all other options are included in this option (2))
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