BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Consumption loan
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Mortgage loan
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Consumer durables loan
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Home loan
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Detailed explanation-1: -A Consumer Loan is a loan that banks offer to customers to buy household goods and appliances and even personal devices.
Detailed explanation-2: -What is a Consumer Durable loan? A consumer durable loan is a credit/finance option for the purchase of household appliances, electronic goods etc. Return to top. What do lenders look for before offering you a consumer durable loan? Lenders check your annual income and credit history.
Detailed explanation-3: -As the name suggests, a consumer durable loan is a loan taken for the purchase of consumer durables. Some of the white goods that are covered in this loan are washing machine, refrigerator, television, cooking range, air conditioner, smartphones, generator, water purifier, music or audio system etc.
Detailed explanation-4: -Consumer loan means a loan to one or more individuals for household, family, or other personal expenditures. A consumer loan does not include a home mortgage, small business, or small farm loan.
Detailed explanation-5: -The most common examples of consumer loans are personal loans, auto loans, and home loans.