what are tearms of cradits
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Hey! Here's your answer:
1) Interest rate- The borrower has to pay a sum of money as interest along with the principal amount.
2) Collateral- It is an asset that the borrower owns and uses this as a guarantee to the lender until the loan is repaid.
3) Documentation- Proper documents of borrowing with all the terms and conditions must be submitted.
4) Mode of repayment - The mode through which the borrower will repay the loan must be clearly mentioned.
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Answer:1) rate of interest
2) collateral
3) mode of repayment
4)documentation requirement.
Explanation:
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