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What is collateral

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What is collateral

Posted by Shagun Vishwakarma 7 years, 3 months ago

CBSE > Class 10 > Social Science

2 answers

Anuradha Bhatnagar 7 years, 3 months ago

the word collateral means additional. When we obtain a loan from bank then it asks for some security. When primary security is not considered sufficient then assets offered in addition to primary security are called collateral security

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Naveen Sharma 7 years, 3 months ago

Collateral is a property or other asset that a borrower offers as a way for a lender to secure the loan. If the borrower stops making the promised loan payments, the lender can seize the collateral to recoup its losses

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