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- The main differences between loans and advances are12:
- Loans are money lent by an entity to another entity for specific purposes, while advances are credit facility granted by banks to customers for short term needs.
- Loans are usually long-term borrowings, while advances are typically short-term credits.
- Loans have a fixed repayment schedule, while advances have flexible repayment terms.
- Loans usually have higher interest rates than advances.
- Loans may require collateral, while advances may or may not require collateral.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The following are the major differences between loans and advances: Money lent by an entity to another entity for specific purposes is known as Loan. Money provided by the bank to entities for fulfilling their short term requirements is known as Advances. The loan is a kind of debt while Advances are credit facility granted to customers by banks.
keydifferences.com/difference-between-loans-and-…Difference Between Loans and Advances
Loans Advances Long-term borrowing Short-term credit Fixed repayment schedule Flexible repayment terms Typically higher interest rates Generally lower interest rates Collateral may be required Collateral may or may not be required testbook.com/key-differences/difference-between-l… - People also ask
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