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| What is a Loan Account?
Loan Account is usually opened after a bank approves the loan for the customer. The loan account is the sum of money what borrower received adding the interest. The customer after the agreed time starts repaying his loan in to this account.
For example you take out an X amount of money from the bank and after it was granted to you the bank opens a loan account where you deposit your payments. This account is similar to a debit account only exception is that it's for your loan. | | | | |
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