1 View

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


Recommended : Get important details about BEL First Grade College, Bangalore. Download Brochure
Team Careers360 8th Jan, 2024
Answer (1)
Team Careers360 12th Jan, 2024

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.

Compare Colleges

College Comparison based on Courses, Placement, Rank, Fee

Compare Now

Know More About

Related Questions

Parul University BBA Admissio...
Apply
India's youngest NAAC A++ accredited University | NIRF rank band 151-200 | 2200 Recruiters | 45.98 Lakhs Highest Package
UPES Dehradun | B.Com Admissi...
Apply
#41 in NIRF | 50 LPA Highest CTC, Ranked #1 in Academic Reputation in India by QS World University Rankings
UPES Dehradun BA Admissions 2025
Apply
Ranked #46 amongst Universities in India by NIRF | Ranked #1 in Academic Reputation in India by QS World University Rankings
UPES | BBA Admissions 2025
Apply
#41 in NIRF, NAAC ‘A’ Grade | 100% Placement, up to 30% meritorious scholarships
Pearl Academy BBA 2025
Apply
No. 1 Design & Fashion Institute by ASSOCHAM, India Today, Outlook and The Week rankings
Woxsen University BBA (Hons.)...
Apply
AACSB, Business Graduates Association, AMDISA Member | Merit-Based Scholarships
View All Application Forms

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books