Question
Which of the following is not a correct feature of a
microfinance loan as per RBI’s directions?Solution
• As per the RBI’s Master Directions on Microfinance Loans (2022): o A microfinance loan must be collateral free. o Eligible borrowers are low-income households with annual household income of up to ₹3,00,000 (not ₹2,00,000). o The loan must not be lien-marked against the borrower’s deposit account. o Borrowers must be allowed flexibility in repayment periodicity (weekly, fortnightly, or monthly). o There is no prepayment penalty. Any penalty for delay applies only on the overdue amount.
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