Question

write about different sections of people who take loans and advances from the banks​

Answer 1

Advances. Meaning. Funds borrowed by an entity from another entity, repayable after a specific period carrying interest rate is known as Loans. Funds provided by the bank to an entity for a specific purpose, to be repayable after a short duration is known as Advances.

Answer 2

Funds provided by the bank to an entity for a specific purpose, to be repayable after a short duration is known as loans

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