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Q.

Which of the following is an essential term for obtaining credit?


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a

Collateral

b

Interest rate

c

Documents required

d

All of the above 

answer is D.

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Detailed Solution

Collateral, interest rate, and documentation are essential terms for obtaining credit.
Giving credit refers to giving money on a loan to anyone who needs it. The Terms of Credit are used in the case of obtaining loans and are used to hold the borrower accountable. They also prevent fraudulent activities. The lender has the right to sell the asset or collateral in case the borrower is unable to repay the loan. The interest rate specifies the rate at which the loan will be given.
 
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