Explain the term of credit or collateral – InterviewSolution

1.	Explain the term of credit or collateral
Answer» COLLATERAL is an asset that the borrower OWNS (such as land, building, VEHICLE, livestock, deposits with banks) and uses this as a guarantee to a lender until the loan is repaid. The terms of CREDIT refer to the interest rate, collateral, the documents required and the mode of repayment when they are taken together.

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