Question:

Find the odd one:
At par, At premium, At discount, At loan.

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Terms like "At par", "At premium", and "At discount" are used in securities trading, whereas "At loan" relates to borrowing.
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Solution and Explanation

Step 1: Analyze the terms.
- At par, At premium, and At discount refer to the terms used in the context of bonds, shares, or securities trading. - At loan refers to borrowing money, which is unrelated to the trading or valuation of securities.

Step 2: Conclusion.
Therefore, At loan is the odd one out, as it does not relate to the trading of securities.

Final Answer: \[ \boxed{At \; loan} \]

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