Binance Loans adds BAL and BAND

The digital assets that have been added here are BAL and BAND, and Binance announced the news through a post on its official website. Binance Loans is a Binance support tool that provides interest rate support, crypto assets, maximum loan limits, and collateral. The services are based on market conditions and internal risk management. Users who register themselves on Binance can sign up for Binance Loans and there are no restrictions except those who have not registered on the cryptocurrency exchange platform. The cryptocurrencies that are backed to borrow Binance Loans are BTC, ETH and BNB, among many other cryptocurrencies.

Following the announcement, BAL and BAND also joined the list of cryptocurrencies backed by Binance. Loan terms vary in five categories with periods of 7 days, 14 days, 30 days, 90 days and 180 days. A loan can always be repaid before the due date without collecting any additional penalties or interest. The interest rate of the loan is calculated by the hour from the time the user registers for the loan. If the time is less than one hour, calculate the interest of one hour. Users must add more collateral if LTV, the value of their loan compared to the value of their collateral is higher than LTV margin call. Binance Loans may require loan repayment instead of adding collateral, depending on market conditions.

Binance Loans offers an overdue period of 72 hours for loans with a duration of 7 & 14 days and an overdue period of 168 hours for loans with 30, 90 and 180 days. An hourly rate in the trio is applied during the overdue period. Unpaid loans after the expiration of the overdue period can lead to the liquidation of collateral. Loans obtained from the platform can be withdrawn or used to trade on Binance according to eligibility criteria.