a bank manager sanctioned a loan of 250000 rupees to a person for his personal use.he asked him to deposite a photo graph and annual income slip,then what type of loan is this
a)secured loan b)unsecured loan c)collateral deposite d)demand deposite
plz tell right answer
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type of secured loan
garvitnasa10:
are you sure??
why it is not a collateral loan
Because collateral is not a loan its a security
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Unsecured loan..
Because manager did not tell the person for any security or asset in return.Annual income slip is not an asset.so the loan is unsecured
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