loan products

Loan products are financial tools that allow individuals or businesses to borrow money from lenders. They come with specific terms, such as interest rates, repayment schedules, and durations. Common types of loans include personal loans for everyday expenses, mortgages for purchasing homes, auto loans for vehicles, and student loans for education. Borrowers receive a lump sum upfront and pay it back over time, often in monthly installments. The cost of borrowing is determined by the interest rate, which reflects the risk taken by the lender and influences the total amount repaid. Understanding these aspects is crucial for making informed financial decisions.