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1 Interest rate- The borrower has to pay a sum of money as interest along with the prinicipal amout.
2.Collateral- It is an asset that the borrower owns and uses this as aguarentee to the lender until the loan is repaid.
3. Documentation- Proper documents of borrowing with all the terms and conditions must be submitted.
4. Mode of repayment - The mode through which the borrower will repay the loan must be clearly mentioned.
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Terms of credit are :
1.Colateral security : This means the borrower should have some property like land , vehicle , house e.t.c .and if the borrower did not pay his amount in time then the bank has the right to take the things which are presented as colllateral security.
2.Mode of repayment : The borrower should pay the credit taken only in the form of money but not any other form such as check , credit card e.t.c.
3.Interest rate : The bank from which the borrower has taken his loan has a fixed rate of interest and the borrower should also pay the interest with the amount of loan taken.
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Hi,
The four terms of credit are :
1 Interest rate- The borrower has to pay a sum of money as interest along with the prinicipal amout.
2.Collateral- It is an asset that the borrower owns and uses this as aguarentee to the lender until the loan is repaid.
3. Documentation- Proper documents of borrowing with all the terms and conditions must be submitted.
4. Mode of repayment - The mode through which the borrower will repay the loan must be clearly mentioned.
Hope it helps........
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Terms of credit are as follows:
- Interest rates: While borrowing or lending loans, rate of interest is decided by both the parties and is specified in the document.
- Collateral: It is an asset that the borrower owns like house, shop, land etc. It is against such assets as a guarantee that loan is given to the borrower. The borrower uses assets as a guarantee to a lender until the loan is repaid.
- Documentation required: The borrower before lending money check all the documents related to the employment record and income that is earned by the borrower.
- Mode of repayment: It is related to the ways and duration in which the loan can be repaid by the borrower.
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Most companies have credit policies set up with vendors or customers, so purchases can be made on account. These credit purchases help speed up commerce and increase sales because it allows customers to purchase items before they actually have the funds to buy them.
Terms of credit are-
- Interest rates: While borrowing or lending loans, rate of interest is decided by both the parties and is specified in the document.
- Collateral: It is an assent that borrower owns like a house, shop, land etc. It is against such assets as a guarantee that loan is given to the borrower. The borrower uses assets as a guarantee to a lender until the loan is repaid.
- Documentation required: The borrower before lending money check all documents related to the employment record and income earned by the borrower.
- Mode of Repayment: It is related to the ways and duration in which the loans can be repaid by the borrower.
- Term of loan: A term loan is a monetary loan that is repaid in regular payments over a set period of time. Term loans usually last between one and ten years, but may last as long as 30 years in some cases.
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Terms of credit are as follows:
- Interest rates: While borrowing or lending loans, rate of interest is decided by both the parties and is specified in the document.
- Collateral: It is an asset that the borrower owns like house, shop, land etc. It is against such assets as a guarantee that loan is given to the borrower. The borrower uses assets as a guarantee to a lender until the loan is repaid.
- Documentation required: The borrower before lending money check all the documents related to the employment record and income that is earned by the borrower.
- Mode of repayment: It is related to the ways and duration in which the loan can be repaid by the borrower.
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