Mathematics · Financial Arithmetic
A Micro Finance Institution is evaluating a loan application for a rural household where the husband earns ₹15,000 per month, the wife earns ₹10,000 per month, and their daughter contributes ₹5,000 per month. Currently, the household pays a total EMI of ₹10,000 for existing loans. As per RBI guidelines capping total debt outflow at 50% of household income, what is the maximum monthly EMI permissible for a new microfinance loan?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1₹3,000
- 2₹5,000✓
- 3₹7,000
- 4₹15,000
Correct answer
₹5,000
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