Sometimes we might not have the money needed to accomplish certain tasks or make certain purchases. Individuals, companies, and institutions choose to borrow money from lenders under such circumstances. Lending or borrowing is the act of a lender providing funds to a person or organization in exchange for a promise or the expectation that the borrower will return the funds plus additional benefits, such interest. Three things make up a loan: the principal, or the amount borrowed; the interest rate; and the tenure, or the length of time the loan is taken out. Because banks are obligated to follow government regulations and are a reliable source of non-banking funding, most people prefer to borrow money from them. Collateral must be pledged by the borrower as security for the loan amount. The bank retains the right to use the pledged collateral to collect the outstanding balance if the borrower is unable to repay the loan. When compared to unsecured loans, these loans have substantially lower interest rates.
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