bank loan
Definition
Noun: A sum of money borrowed from a bank, which must be repaid along with an additional amount (interest) by or on a specific, predetermined date.
Usage
A "bank loan" is a formal financial agreement. The borrower receives a principal amount and agrees to repay it with interest according to a set schedule. This term is used in personal, business, and institutional finance contexts. - The company secured a bank loan to expand its manufacturing facility. - She took out a bank loan to finance her university education. - Approval for a large bank loan often requires a strong credit history.
Advanced Usage
- "to secure/obtain a bank loan": The process of getting approval and receiving the funds from a bank.
- They worked for months to secure a bank loan for their startup.
- "to service/repay a bank loan": The act of making regular payments on the loan.
- A significant portion of their revenue goes to servicing the bank loan.
Variants and Related Words
- Loan (n): The general concept of borrowing something, especially money, with the promise of returning it.
- Mortgage (n): A specific type of bank loan used to purchase real estate, where the property itself serves as collateral.
- Line of credit (n): A flexible borrowing arrangement with a bank where funds can be drawn up to a pre-approved limit, differing from a lump-sum loan.
Synonyms
- Bank credit
- Commercial loan (when referring to business borrowing)
Related Phrases
- Loan agreement: The formal contract detailing the terms of the bank loan.
- Loan principal: The original sum of money borrowed, not including interest.
- Loan interest: The cost of borrowing the principal amount, calculated as a percentage.
Noun
-
a loan made by a bank; to be repaid with interest on or before a fixed date
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