How Does A Line Of Credit Work?
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youre borrowing money from your bank
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Line of Credit is a unique credit facility given to borrowers, wherein you are approved for certain limit of credit/ loan, for a said duration. The monthly installment for line of credit will consist only of the interest amount and will not have a principal component on a monthly basis. The principal amount of loan is to be repaid at the end of the tenure of the facility. You can deposit the funds when in access and withdraw fund when required in business, and you will be charged interest only on the used amount.
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Alissa Dave
Thank You
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