Sometimes, covering expenses or making purchases requires more money than we currently have. This is where loans come in, acting as a bridge between what we need and what we can afford at the moment.
In a loan agreement, a lender provides money to a borrower (individual or organization) with the expectation of repayment. This repayment typically includes an interest rate, a fee charged for borrowing the money.
Insurance is a legal agreement between an insurance company which we can call as insurer and an individual aka insured. It offers financial protection against specified losses. The main motive is to lessen the financial dis stability and handle accidental loss. Premiums are paid regularly by the insured, and the insurer provides a predetermined payout in case of covered events like death or property damage.
Banks and reputable non-banking financial companies (NBFCs) are common sources for loans because they adhere to regulations and offer a safe lending experience. They provide loans as a core financial service.
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