Well, as long as this account is linked to that email, there is no way your account could securely be held as collateral. You could recover it whenever you wanted to from this email, which I'm sure you would agree would make it worthless collateral.
According to Vod, There is no need to handover my personal email account access. When the lender can change my mail id without verification.
Correct. You do not need to hand over your personal email account.
When the lender (or collateral holder) gets your account password, he/she will change the email address.
When you pay off the loan, they will give you the account password - you can login and change the email address back.
Vod, Thanks a lot for clearing my all the doubts about the account collateral. Now i don't have a single doubt about it.