what
is loan? Explain the two
differeent types of loan, through
a pie charet, the sources of
credit pere 1000 of revlere
households in India as of 2012
Answers
What is a Loan?
A loan is a sum of money that one or more individuals or companies borrow from banks or other financial institutions so as to financially manage planned or unplanned events. In doing so, the borrower incurs a debt, which he has to pay back with interest and within a given period of time.
Consumers commonly take on loans to finance home purchases, education, debt consolidation and general living expenses. For the growing small business, loans are available for working capital, equipment, real estate, expansion, and inventory purposes. In short, there's a wide variety of options available on the loan market, so it's important to research what type of debt obligation will work for you. Below, you can find a breakdown of each loan type and how it will affect your finances.
Different Types of Consumer Loans
Mortgages
Student Loans
Personal Loans
Auto Loans
Small Business Loans