Loans and Types of Loans


 
 
Concept Explanation
 

Loans and Types of Loans

Loans and Type of Loans: A loan is when one receives money from a friend, hank or financial institution in exchange for future repayment of the principal, plus interest. The principal is the amount one borrowed, and the interest is the amount charged for receiving the loan, The various types of loans or advances can be divided on the basis of different sets of criteria, which may include:

  • Non-fund based lending and fund-based lending
  • Secured loans and unsecured loans
  • Term loans and demand loans
  • Personal loans and commercial loans
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    Sample Questions
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    Question : 1

    Bank charges interest on ____________________

    Right Option : B
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    Explanation
    Question : 2

    The loan given by a bank to a person to the purchase of house is called ____________________

    Right Option : D
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    Explanation
    Question : 3

    Bank provides loans for _____________________

    Right Option : D
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    Explanation
     
     
     


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