Question

what is meant by Collateral in terms of credit

Answer 1

Collateral is an asset that the borrower owns ( such as land, building, land, etc. deposit with bank ) and uses this as a guarantee to a lenders until the loan is repaid

Answer 2

It is an asset that the borrowers owns such as land ,buildings,vehciles,livestock, deposits with banks and uses this as a guarantee to a lender until the loan is repaid.
Hope it's help u