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Loan

Meaning: 

A loan is defined as money borrowed from a bank, NBFC, or any lender, which must be repaid later, usually with interest. The borrower receives the funds immediately and pays them back over time through monthly installments (EMIs) or lump-sum payments.

Types of Loan:

Secured Loan:
Requires collateral, such as a home loan or car loan, where the lender can take the asset if the loan is not repaid.

Unsecured Loan:
Does not require collateral, like a personal loan, which is based on the borrower’s creditworthiness.

Loans can also be categorized as short-term or long-term based on their duration.

Importance in Finance:

Loans help individuals purchase homes, vehicles, or fund education.
Businesses use loans to expand operations, buy machinery, or manage cash flow, contributing to economic growth.


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