Question
What is the limit of annual household income for a
collateral free loanto be considered as a microfinance loan?Solution
A loan is considered as microfinance loans when it is: • a collateral-free loan, irrespective of end use and mode of application/ processing/ disbursal (either through physical or digital channels), provided to low-income households, i.e., households having annual income up to ₹3,00,000. • For this purpose, the household shall mean an individual family unit, i.e., husband, wife and their unmarried children. • To ensure collateral-free nature of the microfinance loan, the loan shall not be linked with a lien on the deposit account of the borrower.
Which of the following bank has bagged the Best Small Bank award in the Best Banks survey for the year 2022?
Which sport's international team competition is known as the Davis Cup?
Which device supports multiple transaction methods including PoS, QR code, and tap - and - pay?
Union Minister of Road Transport and Highways Nitin Gadkari inaugurates Phase I of New Zuari Bridge in which state?
Bank of Maharashtra (BoM) has recently launched “Project Banksakhi” in ___________ in collaboration with Mahagram & Sunivesh India Finan...
Who won gold medal in ISSF Junior World Cup 10m Air Rifle event?
On which river is the Nagarjuna Sagar Dam constructed?Â
Which life insurance company has launched the ‘NIFTY Smallcap Quality Index Fund’ in the ULIP segment that provides an excellent opportunity to pa...
Which summit aims to enhance cohesion and synergy in financial issues among the Armed Forces?
Where will the Asia Cup 2025 be hosted, as confirmed by the BCCI?
Relevant for Exams:
