BANKING AFFAIRS

Detailed explanation-1: -Unsecured loans are loans that are not backed by any security or collateral. In case of a default, the lender cannot use any collateral to recover the loan amount from the borrower. Even if the borrower has assets and insurance policies in his/her name, the lender cannot use them to recover the loan amount.

Detailed explanation-2: -Personal Loans are usually offered without security. If you have a good credit history, strong income proof, and a long relationship with the bank, you should be able to get good terms.

Detailed explanation-3: -A secured loan is a type of loan in which a borrower pledges an asset such as a car, property, or equity etc., against that loan. The loan amount made available to the borrower is usually based on the value of the collateral.

Detailed explanation-4: -Unsecured loans are debt products offered by banks, credit unions and online lenders that aren’t backed by collateral. They include student loans, personal loans and revolving credit such as credit cards.

Detailed explanation-5: -Credit cards, student loans, and personal loans are examples of unsecured loans.