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a) Explain the differences between term loan and personal loan. (5m)
Term loan is a loan which you borrow from a bank for a specified repayment
schedule and a floating interest rate. Term loans is normally a loan for
specific purpose and upon securities against which and purpose for which
and purpose for which the loan has been given.
Personal loan is a loan which is borrower borrow for his personal use. Which
mean lending of amount for a defined terms but without any security.