What is a Personal Loan and its Type-
The loan is the principal amount lent to a person for various financial needs with a fixed interest rate and for a fixed time. The loan is lent by the lender, which can be a bank, individual, government, or private institution. Various institutions are are available.
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Money lenders such as banks offer different types of loans based on the interest rate, repayment conditions, tenure of loan, principal amount etc. These types include…