Loan can be a property, money or any other material goods that is given to another party for an exchange to pay the future payments of the loan amount as well as the principal amount including the finance as well as the interest charges. Loans permit growth in overall supply of money in the economy by opening up competitions by offering funds to new businesses.
When you take a financial help or borrow money during the time of need, either from any bank or a financial institution or family or friends, it is termed as ‘loan’. Loan can be taken from any financial institution such as Banks, NBFCs for a particular tenure for fulfilling your personal financial needs. There are different types of loans that are available for catering to your various financial needs such as a home loan, car loan, personal loan, education loan, business loan, etc. You may apply for a Loan in case you need urgent financial need. These financial emergencies can be; medical emergencies, education financial needs, money required for wedding, to initiate a business or for renovating or buying a home. Simply put, loans aid in any monetary assistance in emergency.
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