what is colateral cheque
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Collateral cheque is an amount given in form of a cheque as a safe deposit which has to be returned. In case the person is unable to return the loan or whatever, the person can claim the collateral amount.
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A Collateral is an asset of the borrowers which is given to the lenders as security for the specified period
♥ A lender can use the assets which are held by him as security untill the amount of the loan is repaid m
♥ The lender has the right to sell the assets it collateral when the borrower fails to repay the amount of loan in specified period .
Hope it helps ✌
Shreya ❤
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