Advances

Advances, in the context of banking, refer to loans or credit facilities provided by a bank or financial institution to individuals, businesses, or other entities. Advances can take various forms, such as personal loans, business loans, lines of credit, or mortgages. When a bank grants an advance, it provides funds to the borrower based on an agreed-upon loan amount, terms, and conditions. The borrower is expected to repay the loan amount along with any applicable interest, fees, and other charges, according to the agreed repayment schedule.