B- A secured loan is a type of loan that is given to a person with attaching a part or an asset(s) in whole. Such kind of loans are also known as collateral loans.
Secured loans represent that in case of default by the person in payment or when the person is unable to clear the debts in whole, a part of the asset kept as security may be utilized to compensate for such bad debt by the bank.
- Only banks and authorized financial institutions have the authority to issue loans by taking securities from the public. The supreme authority lies in the hands of such body to utilize such amount from the person.
- It is to be noted that in case of defaults the assets so kept can be auctioned by the bank or financial institution to recover the amounts granted along with interest by giving reasonable time and notices to the person.
- The ownership and possession is both in the hands of person to whom such loan is granted but he has no right to sell even a part of property without prior intimation to the bank.
Hence, the correct option is B that the secured loan is a type of loan which is linked to an asset.
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