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Why bank ask Collateral while giving …

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Why bank ask Collateral while giving loans

Posted by Abhinav Mavi 6 years, 10 months ago

CBSE > Class 10 > Social Science

2 answers

Yogita Ingle 6 years, 10 months ago

Bank ask for collateral while giving credit to borrower because if the borrower fails to repay the loan the bank has right to use or sell the collateral given to him by the borrower so that they can get money which they gave him as a loan.if the borrower gives the loan in time than the bank gives collateral back to borrower.

1Thank You

Milind Kumar 6 years, 10 months ago

Because the banks uses this collateral as a guarantee untill the loan is repaid by the borrowers

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CBSE > Class 10 > Social Science