Posts Tagged ‘defination’
Loan Defination—>
a written agreement by loan giving person to loan receiving person for a temporary transfer of money or property from loan giving person to loan receiving person. To a receiver who promises to return a money according to rules or regulation of agreement, usually with interest for use of that money. If the loan is returnable on the demand of loan receiving person. This type of loan is called demand loan. If loan is returnable by monthly basis by the loan receiving person this type of loan is called as installment loan. If loan is returnable on directly on the expiration or any date this type of loan is called as time loan. Banks also provides you loan. Bank have its own classification of loan. list of category of loan which is giving by any bank is below
1)consumer loan
2)commercial loan
3)industrial loan
4)construction loan
5)home loan
6)personal loan
7)student loan
8)mortgage loan
9)secured loan
10)unsecured loan etc.
Promissory note–>
A written promise to return the money to bank is called promissory note.
loan is also one type of debt, a loan entails the redistrubution of finacial asset over time.
between the lender and borrowere.
suggestion- at the time when you taking a loan from anywhere please understand the all conditoins then perpare your final desicison. so carefully read all terms and conditions at the time of taking loan.
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