GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When the loan is guaranteed for purchase of white goods it is called____?
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Business loan
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White goods loan
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Consumption loan
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Consumer durable loan
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Explanation:
Detailed explanation-1: -Despite their availability in varied colours, now they are still called white goods). Banks provide Consumer Durable Loan for purchase of these goods.
Detailed explanation-2: -A consumer durable loan is a finance option for purchase of household items like washing machines, refrigerators, air-conditioner, LED TVs, microwaves, furniture, clothes or grocery.
Detailed explanation-3: -A CD loan is a type of personal loan that uses your certificate of deposit to secure the loan funds. With the certificate of deposit acting as the collateral for the loan, lenders normally offer better APRs because even if the borrower defaults on a CD loan, the lender can recoup its losses by way of the CD.
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