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Q.

Choose the given statement is true/false:


Absence of collateral is one of the reasons which prevent the poor from getting bank loans.


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a

True

b

False 

answer is A.

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Detailed Solution

The given statement is true.
Rural people, most often, do not have the collateral which is required while taking a loan from formal sources. It is one of the main reasons which prevent rural people from taking bank loans.
Rural people do not have proper documentation and regular earnings to convince the bank that they will repay the loan. Moreover, rural people are not aware of the credit facilities provided by the formal sector.
 
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