Harish is a farmer, he wants to take a loan from a nationalised bank but he could not when the bank asked for a collateral. Why?

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Gaurav Singh

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collateral is something like property, material belongings being mortgaged to bank... I a person doesnt have such, he is not able to get loan... ( dont know how vijay mallya got so much loan :p)
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B.com(H), SRCC, Delhu University. Post Graduation and B.ed also from Delhi University.

he has nothing to mortgage thus he wont get the loan.
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one has to put their property as collateral for the bank loan. Banks need to need confirm that the person is able to repay the amount he has borrowed from the bank, if he fails to do so his property must be liable to regain that amount
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A Civil Service aspirant

When Harish asks for a loan the bank is more than happy to give him as he would be paying a fixed sum of amount in addition to his loan as interest . However in case harish fails to pay the loan back, the bank would be at a loss. hence to prevent losses bank asks harish to give details of some property...
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When Harish asks for a loan the bank is more than happy to give him as he would be paying a fixed sum of amount in addition to his loan as interest . However in case harish fails to pay the loan back, the bank would be at a loss. hence to prevent losses bank asks harish to give details of some property which it can takeover in case harish fails to repay the loan.This property is called collateral. read less
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In India and elsewhere, money is only given to people who already have that in some or the other form. Collateral refers to any property or acquisition of the customer (who intends to take a loan from a bank) which can be kept with the bank for the time the customer doesn't return his amount with interest...
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In India and elsewhere, money is only given to people who already have that in some or the other form. Collateral refers to any property or acquisition of the customer (who intends to take a loan from a bank) which can be kept with the bank for the time the customer doesn't return his amount with interest so that if in case, the customer cannot return the sum taken, his property can be sold to make up the loan amount. And since, Harish may not be having anything to put on mortgage, he won't get the loan amount. read less
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