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Loan

Meaning: 

A loan is money that you borrow from a bank, NBFC (Non-Banking Financial Company), or another lender. You have to pay it back later, usually with extra money called interest. You get the money right away and pay it back over time with regular payments.

Types of Loan:

Secured Loan:
This type of loan requires something valuable, like a house or car, as a guarantee (collateral). If you don’t pay it back, the lender can take the item.

Unsecured Loan:
This type of loan does not require collateral. An example is a personal loan.

Importance in Finance:

Loans help people buy important things like homes, cars, or pay for education.
Businesses use loans to grow, buy new machines, or manage their money better.

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