📝 SSC CGL📈 Economy

Identify the INCORRECT statement in the context of Microfinance Institutions in India.

aA microfinance loan is given to a household having annual household income up to ₹ 3,00,000.

bA microfinance loan is a collateral-free loan.

cWhen giving a microloan, a household means an individual family unit, i.e., husband, wife, and unmarried children.

dA microfinance loan should be linked with a lien on the deposit account of the borrower.

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