A business man wishes to obtain a loan from a commercial bank. Highlight five conditions that he should satisfy before the bank can grant him the loan.

Answer:

-Collateral security valued by appointed valuer
-Bank statements for the last six months busy account to determine credit worthiness
-Guarantee to be followed in case of default
-Intended purpose of the loan
-Agreement on the repayment
-Appraisal fee/ charge to determine credit worthiness by the bank.

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