General Knowledge · General Awareness
Regarding the RBI's Master Direction on Regulatory Framework for Microfinance Loans 2022, consider the following statements: I. A microfinance loan is defined as a collateral-free loan given to a household having an annual income of up to ₹3,00,000. II. Regulated Entities are prohibited from charging any prepayment penalty on microfinance loans. III. Lenders are allowed to collect a security deposit to mitigate default risks. IV. Regulated Entities must disclose a standardized Fact Sheet to borrowers containing the Annual Percentage Rate (APR). V. The minimum tenure for microfinance loans above ₹30,000 must be 24 months. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1All I, II, III, IV, and V
- 2Only IV and V
- 3Only II and III
- 4Only I, II, and IV✓
Correct answer
Only I, II, and IV
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