Which of the following factors restricts the poor from an avail bank loan?

6. Which of the following factors restricts the poor from an avail bank loan?

  1. Low CIBIL
  2. No Collateral
  3. Higher Interest Rates
  4. Complex Procedure

Answer: B) No Collateral

Explanation:

It is challenging for the poor to get credit from banks because:

  1. Banks before giving them advance request security.
  2. Banks frequently charge an exorbitant loan cost to the borrower.
  3. Poor individuals find it challenging to take care of the credit to the bank and therefore they get found out the in-debt trap.

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