Managing personal Finance Module 4

What type of loan does not require collateral?

• Housing Loan

• Gold Loan

• Personal Loan

• Mortgage Loan

Which factor contributes to higher interest rates for personal loans?

• Longer repayment tenure

• No collateral requirement

• Government subsidies

• Tax benefits

What is the maximum tenure of a housing loan in India?

• 10 years

• 20 years

• 25 years

• 30 years

Under which Income Tax sections can home loan borrowers avail tax benefits?

• Section 80E and Section 24

• Section 80C and Section 24

• Section 80D and Section 80E

• Section 80G and Section 24

Which type of loan is used to transfer an existing home loan to another bank for better interest rates?

• Home Renovation Loan

• Home Construction Loan

• Balance Transfer Loan

• Reverse Mortgage Loan

Education loans offer a moratorium period of:

• 1 year after course completion

• 6-12 months after course completion

• 3 years after course completion

• No moratorium period

Which type of education loan is meant for short-term courses?

• Domestic Education Loan

• Abroad Education Loan

• Vocational/Skill Development Loan

• None of the above

Which of the following is an advantage of a gold loan?

• Requires a high CIBIL score

• Faster processing than personal loans

• Longer repayment tenure

• No collateral required

What is the typical Loan-to-Value (LTV) ratio for a gold loan?

• 50%

• 60%

• 75%

• 90%

Which mortgage loan type allows borrowers to pay only interest for a specific period?

• Fixed-rate mortgage

• Variable-rate mortgage

• Interest-only mortgage

• None of the above