Loans

Loans are the sum of money that is borrowed by an individual or a group of individuals referred to as the “borrower”  from a  bank, credit union, or online lending platform referred to as the “Lender”. It is a  financial arrangement whereby the borrower agrees to repay the borrowed amount to the lender over a specified period, often with interest and according to the terms and conditions set forth in a loan agreement. 

Loans are of different types. They can be secured as well as unsecured loans, each designed for specific needs and circumstances. 

Some common types of Loans include Mortgages or Housing loans, Personal Loans, Instant Loans through Loan Apps on Digital platforms, Car loans, Business Loans, Student Loans for pursuing Higher education to name a few.