Question : In India, a microfinance loan is defined as a collateral-free loan given to a household having an annual income of up to Rs______ as of October 2022.
Option 1: Rs 1 lakh
Option 2: Rs 8 lakhs
Option 3: Rs 3 lakhs
Option 4: Rs 5 lakhs
Correct Answer: Rs 3 lakhs
Solution : The correct answer is Rs 3 lakhs
A microfinance loan is described by the Reserve Bank of India as a collateral-free credit granted to a household with an annual household income of up to Rs 3 lakh. As of June 30, 2022, the gross loan portfolio of the microfinance industry had increased from Rs 2.37 lakh crore to Rs 2.93 lakh crore, representing a 23.5% annual growth.
Related Questions
Know More about
Staff Selection Commission Multi Tasking ...
Application | Cutoff | Selection Process | Preparation Tips | Eligibility | Exam Pattern | Admit Card
Get Updates Brochure
Your Staff Selection Commission Multi Tasking Staff Exam brochure has been successfully mailed to your registered email id “”.
Trending Articles/News
