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प्रश्न
Read the information given below and select the correct option.
Rohan has taken a loan of Rs.5 lakhs from the bank to purchase a house at a 12% rate of interest. He has to submit papers about the new house and salary records to the bank. What is this process called?
पर्याय
Interest Rate
Collateral
Principal Amount
Instalments
उत्तर
Collateral
Explanation:
Collateral is an asset that the borrower owns (such as land, building, vehicle, livestock, and deposits with banks) and uses this as a guarantee to a lender until the loan is repaid.
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संबंधित प्रश्न
Sometimes lenders demand against loan ______.
Most of the informal lenders charge ______.
The difference between what is charged from borrowers and what is paid to depositors is ______.
An agreement in which the lender supplies the borrower with money, goods or services in return for the promise of future payment is called ______.
In rural areas, the main demand for credit is for ______.
Why do most of the rural households still remain dependent on the informal sources of credit? Explain.
How do Self Help Groups help borrowers to overcome the problem of lack of collateral? Explain.
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A House Loan Megha has taken a loan of 75 lakhs from the bank to purchase a house. The annual interest rate on the loan is 12 percent and the loan is to be repaid in 10 years in monthly instalments. Megha had to submit to the bank, documents showing her employment records and salary before the bank agreed to give her the loan. The bank retained as collateral the papers of the new house, which will be returned to Megha only when she repays the entire loan with interest. |
- From which source of credit Megha has taken loan?
- Explain the terms of credit given in the source.
Explain, why the banks do not lend credit to certain borrowers.
Assertion (A): Banks are not ready to lend money to certain borrowers.
Reason (R): Some people do not have collateral.
