The interest rate, collateral, documents required and mode of repayment altogether comprises terms of credit. The terms of credit may vary from one lender to another lender. The interest rate which is specified in terms of credit must be paid by the borrower till the end of the loan agreement. Collateral is an asset that borrower owns. The collateral can be anything that has monetary value in it. The bank demands the collateral for the guarantee against their repayment for the credit. Collateral can be land, building, gold, vehicle, etc. Documents required can be any document that bank needs from the borrower to advance him a loan; it can be income certificate, voter ID card, etc. Mode of repayment must be as per the specification of the bank. Currently, there are many easy modes of payment such as online transfer, UPI payment, bank deposit etc.