What is the loan?
It is the contract between the lender and the borrower in which the borrower receives the amount which he or she needs to pay off after certain time sought a deferment. The borrower projects present some documentation under which he or she gets the loan and must be after a certain period of time. Payable amount is calculated through loan calculator. On returning back the money, the loan can be divided into three categories which are:
• Repay the money periodically until it matures
• Pay off the money at the end of the year
• Pay off fixed amount of the loan
What loan calculator does?
It assists you to find out the monthly payments of the loan in Canada region. In loan calculator, enter the following fields such as loan amount, interest rate, terms and loan start date and then click on the calculate button. The loan calculator can also utilize for auto, mortgage or others type of loans.
Two basic types of loan borrowed in Canada
• Secured loan – It is the loan in which borrower pledges an asset as collateral.
• Unsecured loan – these types of loans are not secure against borrower’s assets.
Loan capital – these types of the loan must be repaid which has been borrowed from large Canada firms. It is also known as borrowed capital.
Loan commitment – It is a term under which lender agree to lend money to a borrower for some period of time. It is also called standby loan commitment.