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LC or letter of credit is like a loan. It can be extended to a Government or individual or bank. It can take several forms like export credit, overdraft protection and demand loan. Interest is paid on money actually withdrawn. But an annual fee can be charged on unused loan. It can be secured on unsecured loan. If it is extended to an individual a line of credit is often called a personal line of credit.
Its main use is to take a loan when the exact amount needed may not be known. You do not pay interest on money you do not need and hence save costs.
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