loans and advances means any direct or indirect advance of funds (including obligations as maker or endorser arising from discounting of commercial/business paper) which are made to a person on the basis of an obligation to repay the funds. “Loans and advances” also includes all exposures as defined in the Act.
Loans come with different features that can change the security of the loan, the payments on the loan, and the interest rate of the loan. The main features include secured versus unsecured loans, amortizing versus non-amortizing loans, and fixed-rate versus variable-rate (floating) loans.
Advances are issued by banks to address short-term financial needs; they are repaid within one year. Loans are the source of long-term financing. Both are subject to interest and can be repaid in a flat sum, in instalments, or on-demand.
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