A loan is when you receive money from a friend, bank or financial institution in exchange for future repayment of the principal, plus interest. The principal is the amount you borrowed, and the interest is the amount charged for receiving the loan. Since lenders are taking a risk that you may not repay the loan, they have to offset that risk by charging a fee – known as interest.
Rate of interest -10.50%
|Loan Amount||1 year Loan||3 years Loan||5 years Loan|