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These are secured loans, wherein the securities are offered as collateral. The securities which are acceptable as collateral include shares, mutual funds, fixed deposits, insurance policies. The loan value would depend on the cash value of the securities all put together.
A creditor is an individual or institution that extends credit to another party to borrow money usually by a loan agreement or contract.
Extension of Credit means the right to defer payment of debt or to incur debt and defer its payment offered or granted primarily for personal, family, or household purposes. Alright, it's a loan.
A credit facility agreement refers to an agreement or letter in which a lender, usually a bank or other financial institution, sets out the terms and conditions under which it is prepared to make a loan facility available to a borrower. It is sometimes called a loan facility agreement or a facility letter.
Credit facilities are a type of pre-approved loan which allows the borrower to borrow money on an ongoing basis over an extended period of time, rather than applying for a new loan each time the borrower needs more money.
About credit agreements The credit agreement must state certain things that the lender and borrower agree to, such as the interest rate and any charges that may apply to the loan. A credit agreement is important since it states up-front what it will cost to borrow money and what terms and conditions apply to the loan.
What is a Facility Agreement? A facility agreement is a contract between a borrower and a lender. The agreement sets out the terms and conditions of the agreement. It's often simply called a loan, credit facility agreement, or facility letter.
Credit cards that allow you to take out money, pay it back, and take it out again are known as revolving credit lines. Term loans typically require borrowers to take out a single sum of money and agree to pay a fixed sum of money back over a set period of time.