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Credit plays a positive role in the country’s development. It helps in increasing the economic activities of the borrowers. It is referred to as getting the money instantly but paying for it later. Every loan agreement specifies a rate of interest that the borrower must pay to the lender together with the repayment of the principal. In addition, lenders may demand collateral against loans. The interest rate, collateral and documentation requirements, and the mode of repayment comprise the terms of credit. Terms of credit vary substantially from one credit arrangement to another. When credit helps the receiver satisfy progress expenses of production and complete production on time, thereby increasing their earnings, credit plays a positive role during this scenario.

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