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Q.

Which of the following can be used as collateral while borrowing?


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a

Land

b

Livestock

c

Deposits with the bank

d

All of the above 

answer is D.

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Detailed Solution

Land, livestock, and deposits with banks can be used as collateral while borrowing. Collateral is used as a guarantee by a lender till the loan is repaid. If the borrower is unable to pay the loan, a lender can sell this collateral and use the proceeds to obtain payment for the loan. For example, an individual takes a loan to purchase a car. The car purchased with the loan amount is the collateral in this case.
 
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