ABOUT LOAN:
Every human being born in this world has his/her own will and wish, ambitions, goals, dreams to live a better and comfortable life of a good status. Everybody have some needs in life. Each one of us is involved/engaged on some kind of work or business to make money and to fulfill certain financial needs. It is not possible to everyone to manage all their expenses such as children’s educational expense, medical expenses, family expenses, buying a dwelling home or a vehicle, business needs etc., As the life is too short one cannot wait till he reaches a well of position or to become rich. In such occasions he seeks some financial assistance to manage this situation as loan which is in turn repayable. The word Loan is generally spelled as a financial transaction between a lender and borrower as temporary provision of money normally at an interest or interest free on lender’s will and wish. The money given by a lender is called as principal. It is given to persons, organization, companies, institutions etc., and normally it bears interest. The loan amount is to be repaid in installment basis as mutually agreed by the lender and borrower.
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