What do you mean by collateral? - Vidyadip

MCQ

What do you mean by collateral?

A
It is the total sum of money with a person.
B
It is the things kept in the locker.
✓
It is the guarantee given by the lender to the borrower.
D
It is the security to a lender until the loan is repaid.

✓

Answer

Correct option: C.

It is the guarantee given by the lender to the borrower.

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