MANAGEMENT

Detailed explanation-1: -Definition: This kind of loan is often extended to proprietors, partnership firms, private limited companies, and professionals. Business Instalment Loan is generally an unsecured and collateral free loan that is granted to businesses with a certain turnover.

Detailed explanation-2: -Installment loans-also known as installment credit-are closed-ended credit accounts that you pay back over a set period of time. They may or may not include interest. Read on to learn more about different types of installment loans and how they work.

Detailed explanation-3: -An installment loan refers to both commercial and personal loans that are extended to borrowers and that require regular payments. Each of the regular payments for the loan includes a portion of the principal amount, as well as a portion of the interest on the debt.

Detailed explanation-4: -Three examples of installment loans are auto loans, mortgages and personal loans. Personal loans can be used for almost anything, while a mortgage is for financing the purchase of a home and an auto loan is for purchasing a new or used vehicle.

Detailed explanation-5: -Common examples of installment loans include mortgage loans, home equity loans and car loans. A student loan is also an example of an installment account. Except for student and personal loans, installment loans are often secured with some collateral, such as a house or car, explains credit card issuer, Discover.