10 (Finance ) What is the Difference between credit line and Normal Loan

If i get a credit line from the bank for 100$, i can borrow any amount until 100 $,i.e 5 $, 20 $ etc ...sum total of my borrowals will not exceed 100 $ i.e the credit limit

At the end , i will repay the principal and the interest only till the extent of credit that i have taken ...say i took only 80 $ credit of available 100 $,i will now be repaying only 80$ along with applicable interest !

Loan - Here , loan of 100 $ would mean , i have to take the whole sanctioned loan amount at one go...

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Related topics : line of credit loan

How to take tax deduction benefit for home loan principal component

How to take tax deduction benefit for home loan principal component

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Related topics : home loan