What is the difference between Loan and Advance?
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Answer / syed mohammed
loan is the amount which is given on certain interest for a long term period..
Advances its means , the amount which has be given for a short term period for his personal expenses on without interest charge.
| Is This Answer Correct ? | 2 Yes | 2 No |
Answer / jayanth
Loan- Is an amount given for a specified period and is
recoverable with a particular interest rate.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / sridhar k s
A security is created in the case of a loan whereas in the case of an advanced, security is already there. A moving asset (i.e. Car) is created in the case of a Car Loan. The best example of an advance is Cash Credit secured by hypothecation of stocks. An advance is granted for a short period, say for a period of 12 months, renewed annually.
| Is This Answer Correct ? | 6 Yes | 8 No |
Answer / abu taleb zahid
when a person borrows the money from the other person that is called loan. and advance is given by the known person to meet his official expenses.
| Is This Answer Correct ? | 4 Yes | 6 No |
Answer / k
loan is against a security but advance is not against any security, for example vehicle loan given to employees is against the security of the vehicle and if advance is given for travel then it is not against any security
| Is This Answer Correct ? | 28 Yes | 31 No |
Answer / gnani
loan is what i own and the advanis is what i own. wow what
an answer sirjee..!!!
| Is This Answer Correct ? | 6 Yes | 28 No |
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