BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following are the ways to repay the personal loan?
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Equated Monthly Installments via Cheques
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Electronic Clearing Services
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Cash
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Both A and B
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Explanation:
Detailed explanation-1: -The principal refers to the original sum of money borrowed in a loan. Interest is the charge for the privilege of borrowing money; a borrower must pay interest for the ability to use the funds released to them through the loan.
Detailed explanation-2: -There are three different methods for repaying a housing loan: equal payments, equal instalments and fixed equal payments. The choice of the repayment method depends on many things, such as whether you want to pay the same amount every month or whether you prefer to pay off the loan within a specific time period.
There is 1 question to complete.