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Tagged: assets, credit system, down payment, Interests, limited period
It is an type of credit that has a fixed number of payments in contrast of revolving credit
Eg;landloan ,building loan
Installment credit is the means by which most durable goods such as automobiles and large home appliances are bought by individuals.
Instalment credit is a credit for a fixed sum to be repaid in instalments over a specified period of time e.g. for hire purchase.
Credit for a fixed sum to be repaid in instalment
Eg. For hire purchase.
A loan repaid with interest in equal periodic payments.
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