As we are going through the detailed definition of loan, the very basic thing is to have the term loan defined very well.
A loan is defined as a certain amount of money which is given to the borrower by the lender according to a certain agreement between both of them, in which the borrower agrees on the conditions specifid by the lender.
usually loans may be considerd as a temporary provision of money.
The Major Terms of Loan :
1-The amount given to the borrower
2-Interest.
3-length of loan (time).
Any loan in the world depends basicaly on those terms , and because we care about you, we will define them exactly.
In other words we will teach you the way which the lender uses to calculate your loan interest.
If you understood those terms very will ,you can apply to any loan without the fear of the hidden terms.
Next - Guide to Major terms of Loan