New Enroll for RBI, PFRDA & NABARD Intro Class! April 18 at 9:15 PM

    Question

    Which of the following statements about Kotak Mahindra

    Bank's 'Smart Choice Gold Loan' is/are incorrect? 1. Kotak Mahindra Bank introduced 'Smart Choice Gold Loan' for customers. 2. Unlike other credit products, gold loan has a stringent application and disbursal process. 3. Borrowers utilizing gold as collateral can enjoy lower interest rates compared to conventional credit.
    A Statements 1 and 2 Correct Answer Incorrect Answer
    B Statements 2 and 3 Correct Answer Incorrect Answer
    C Statements 1 and 3 Correct Answer Incorrect Answer
    D Only Statement 2 Correct Answer Incorrect Answer
    E All Statements 1, 2, and 3 Correct Answer Incorrect Answer

    Solution

    •     Kotak Mahindra Bank Ltd. (KMBL) has announced the introduction of ‘Smart Choice Gold Loan’ for customers. •     Unlike other credit products which have stringent eligibility criteria, gold loan has a simpler application and disbursal process. •     By utilising gold as a collateral, borrowers can enjoy lower interest rates compared with conventional credit, translating to savings during the course of the loan tenure.

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