Identify and explain the concept from the given illustration:Ramraoji

1.	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.
Answer» 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.

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.

Answer»

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.