What is a Loan?
A loan is an amount that one or more individuals or companies borrow from banks or other financial institutions to manage financial, planned or unplanned events. By doing so, the borrower incurs a debt, which he has to repay with interest and within a stipulated period.
Defination of Loan
A loan is a form of loan made by an individual or other entity. The lender—usually a corporation, financial institution, or government—advances an amount to the borrower. In return, the borrower agrees to a certain set of terms, including any finance charges, interest, repayment date and other terms.