INTRODUCTION TO ENTREPRENEURSHIP
CHARACTERISTICS OF AN ENTREPRENEUR
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The personal possessions that can generally be used as collateral when applying for a loan at a commercial bank are:(hint:you can choose more than 1 answer)
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Apparel
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Motor vehicle
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Furniture
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Property
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Explanation:
Detailed explanation-1: -A collateral loan is a type of secured loan requiring a borrower to pledge an asset to avail of the loan. The asset, called a ‘collateral, ‘ is liquidated by the lender in case the borrower defaults. On the other hand, unsecured loans do not require the borrower to pledge collateral.
Detailed explanation-2: -Residential property It is the most common property type that lenders accept as collateral for a loan against property. You can pledge any residential property as security to avail a loan.
Detailed explanation-3: -Your Vehicle. Your Home. Your Savings. Your Investment Accounts. Your Future Paychecks. Art. Jewelry.
There is 1 question to complete.