BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The tenure of the loan issued by NBFC-MFI to the borrower should not be less than 24 months for loan amount in excess of how much amount?
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Rs. 30, 000
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Rs. 20, 000
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Rs. 15, 000
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Rs. 25, 000
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Explanation:
Detailed explanation-1: -3.1 A microfinance loan is defined as a collateral-free loan given to a household having annual household income up to ₹3, 00, 000.
Detailed explanation-2: -The NBFCs are allowed to accept/renew public deposits for a minimum period of 12 months and maximum period of 60 months. They cannot accept deposits repayable on demand. NBFCs cannot offer interest rates higher than the ceiling rate prescribed by RBI from time to time.
Detailed explanation-3: -Read more news on Download The Economic Times News App to get Daily Market Updates & Live Business News. MUMBAI: Non-Banking Finance Companies (NBFCs) cannot lend more than Rs 25, 000 in cash against gold, the Reserve Bank of India said today.
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