you want to but a car or a house so study the ways of raining a loan from either a nationalized bank or a private financer,, write down the procedure, different options to pay EMI etc.. also compare the two different banks for the same finance and also compare the interest charged if it is financed for 3 years 4 years etc..
Answers
Answer:
We may not always have the money we require to do certain things or to buy certain things. In such situations, individuals and businesses/firms/institutions go for the option of borrowing money from lenders.
When a lender gives money to an individual or entity with a certain guarantee or based on trust that the recipient will repay the borrowed money with certain added benefits, such as an interest rate, the process is called lending or taking a loan.
A loan has three components – principal or the borrowed amount, rate of interest and tenure or duration for which the loan is availed.
Most of us prefer borrowing money from a bank or a trusted non-banking financing company (NBFC) as they are bound to the government policies and are trustworthy. Lending is one of the primary financial products of any bank or NBFC (Non-Banking Financial Company) offers.
Please mark me brainiest
Answer:
Purchasing a car typically means taking out a car loan. If you’re in the market for a new vehicle, you’ve probably spent a lot of time researching car options, but do you have a good understanding of how car loans work? When you take out a car loan from a financial institution, you receive your money in a lump sum, then pay it back (plus interest) over time. How much you borrow, how much time you take to pay it back and your interest rate all affect the size of your monthly payment. Here are the 3 major factors that affect both your monthly payment and the total amount you’ll pay on your loan:
The loan amount. It can be significantly less than the value of the car, depending on whether you have a trade-in vehicle and/or making a down payment.
The annual percentage rate. Usually referred to as the APR, this is the effective interest rate you pay on your loan.
The loan term. This is the amount of time you have to pay back the loan, typically 36–72 months.
Step-by-step explanation:
:)