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Loan

Meaning: 

A loan is defined as an amount of money borrowed from a bank, NBFC, or another lender, which must be repaid over time, typically with interest. The borrower receives the funds upfront and repays them through equated monthly installments (EMIs) or lump-sum payments.

Types of Loan:

Secured Loan:
This type of loan requires collateral, such as a home or vehicle, providing security to the lender in case of default (e.g., home loans, car loans).

Unsecured Loan:
This type of loan does not require collateral and is based on the borrower’s credit history (e.g., personal loans).

Loans can also be classified as short-term or long-term, depending on their duration.


Importance in Finance:

Loans are essential for individuals to purchase significant assets like homes and cars or to finance education
Businesses rely on loans to expand their operations, invest in new machinery, or manage cash flow, which supports overall economic growth.


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