Eligibility Criteria: These are specific requirements that determine whether a borrower is qualified or suitable for obtaining a loan. They typically include factors like creditworthiness, income level, and collateral.
Interest Rates: This refers to the percentage charged by lenders on top of the principal amount borrowed. It represents the cost of borrowing money and determines how much additional money borrowers have to repay.
Repayment Terms: These are the conditions that outline how and when a loan must be repaid, including the frequency of payments, the duration of the loan, and any penalties for late or missed payments.