Question

what are 'terms of credit' for taking loan from bank ? ​

Answer 1

Answer:

Terms of credit are the requirements need to be satisfied for any credit arrangements. It includes interest rate, collateral, documentation and mode of repayment. However the terms of credit vary depending upon the nature of lender, borrower and loan...

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Answer 2

Answer:

Terms of credit are required so that the borrower knows the conditions to take the loan.

. The collateral, in the form of security or guarantee, is given to the lender until the loan is repaid.

. If the borrower fails to repay the loan, the lender has all the rights to sell the assets or collateral to obtain the payment.

Explanation:

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