explain me briefly in most simple words..collateral and terms of credit. .
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COLLARERA ARE THE DOCUMENTS THAT HELPS US TO GET LOAN FROM BANKS OR FORMAL SECTORS . ABSENT OF COLLATERAL FOR LOAN CREATE PROBLEM
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Collateral means an asset which is a prove to repay the loan in a certain period of time..
Terms of credits are
- Interest rate
- Collateral
- Documents
- Mode of repayment
it varies in different sectors
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