Why is there an Equity With Loan value if there is enough cash in the account?

The Equity With Loan value does not necessarily imply that there is a margin loan on the account.

For detailed information on Equity With Loan value calculation see the TWS Users' Guide.

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Available Funds
Current Available Funds
Is accrued interest included in Equity with Loan Value?
What is the interest rate charged on margin debits in an IBKR Lite account with IBKR Singapore?