Ramraoji takes a loan from the bank for a period of ten years subject to terms and conditions for the purpose of irrigated farming.
Identify and explain the concept from the given illustration:
Ramraoji takes a loan from the bank for a period of ten years subject to terms and conditions for the purpose of irrigated farming.
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Long Term Loan.
A long-term loan is taken for a period of more than 5 years and is generally taken to buy a tractor or making permanent improvements on the land.
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