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What is the meaning of Collateral?

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What is the meaning of Collateral?

Posted by Aman Srivastava 7 years, 6 months ago

CBSE > Class 10 > Social Science

1 answers

Yogita Ingle 7 years, 6 months ago

Collateral is an asset that the borrower owns(such as land, building, etc) and uses this as a guarantee to a lender until the loan is repaid. If the borrower fails to pay back the money then the lender has the right to sell the asset or collateral to obtain payment.

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