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Analyze the information given below, considering one of the following correct options:
Megha has taken a loan of ₹ 6 lakhs from the bank to purchase a house. The annual interest rate on the loan is 14 percent and the loan is to be repaid in 12 years in monthly installments. Megha had to submit to the bank, documents showing her employment records and salary before the bank agreed to give her the loan. Analyse the loan information given above, considering one of the following correct option :
- a)Interest on loan
- b)Formal source of loan
- c)Informal source of loan
- d)None of the above
Correct answer is option 'B'. Can you explain this answer?
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Analyze the information given below, considering one of the following...
Formal sources go through a process of critical review and revision before they are published. The credentials of the author or creator are provided along with references and citations. Formal sources are most commonly found in academic library collections.
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Analyze the information given below, considering one of the following...
Formal source of loan
The correct option for the given loan information is 'B', which states that the loan is obtained from a formal source. Let's analyze the information provided to understand why this option is correct.
Loan details
- Megha has taken a loan of ₹ 6 lakhs from the bank.
- The loan is taken to purchase a house.
- The loan term is 12 years.
- The loan is to be repaid in monthly installments.
Employment records and salary
- Megha had to submit documents showing her employment records and salary to the bank.
- This indicates that the bank required Megha to provide proof of her income and employment stability before approving the loan.
Analysis
Based on the information given, we can conclude that Megha has obtained the loan from a bank, which is a formal financial institution. Here's the analysis supporting this conclusion:
1. Loan amount: Megha borrowed a substantial amount of ₹ 6 lakhs. Such a significant loan amount is typically provided by formal financial institutions rather than informal sources.
2. Purpose of the loan: Megha took the loan to purchase a house. Home loans are generally provided by formal sources like banks, housing finance companies, or other regulated financial institutions.
3. Loan term: The loan term is 12 years, which is a long duration. Informal loans are usually short-term and have a higher interest rate compared to formal loans.
4. Repayment in monthly installments: The loan is to be repaid in monthly installments. Formal loans often have structured repayment plans, including fixed monthly installments.
5. Document submission: Megha had to submit employment records and salary details to the bank. This requirement is a standard procedure followed by formal financial institutions to assess the borrower's creditworthiness and repayment capacity.
Considering all these factors, it can be concluded that Megha's loan is obtained from a formal source, which in this case is a bank.
Therefore, the correct option is 'B' - Formal source of loan.
The correct option for the given loan information is 'B', which states that the loan is obtained from a formal source. Let's analyze the information provided to understand why this option is correct.
Loan details
- Megha has taken a loan of ₹ 6 lakhs from the bank.
- The loan is taken to purchase a house.
- The loan term is 12 years.
- The loan is to be repaid in monthly installments.
Employment records and salary
- Megha had to submit documents showing her employment records and salary to the bank.
- This indicates that the bank required Megha to provide proof of her income and employment stability before approving the loan.
Analysis
Based on the information given, we can conclude that Megha has obtained the loan from a bank, which is a formal financial institution. Here's the analysis supporting this conclusion:
1. Loan amount: Megha borrowed a substantial amount of ₹ 6 lakhs. Such a significant loan amount is typically provided by formal financial institutions rather than informal sources.
2. Purpose of the loan: Megha took the loan to purchase a house. Home loans are generally provided by formal sources like banks, housing finance companies, or other regulated financial institutions.
3. Loan term: The loan term is 12 years, which is a long duration. Informal loans are usually short-term and have a higher interest rate compared to formal loans.
4. Repayment in monthly installments: The loan is to be repaid in monthly installments. Formal loans often have structured repayment plans, including fixed monthly installments.
5. Document submission: Megha had to submit employment records and salary details to the bank. This requirement is a standard procedure followed by formal financial institutions to assess the borrower's creditworthiness and repayment capacity.
Considering all these factors, it can be concluded that Megha's loan is obtained from a formal source, which in this case is a bank.
Therefore, the correct option is 'B' - Formal source of loan.
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Analyze the information given below, considering one of the following correct options:Megha has taken a loan of ₹ 6 lakhs from the bank to purchase a house. The annual interest rate on the loan is 14 percent and the loan is to be repaid in 12 years in monthly installments. Megha had to submit to the bank, documents showing her employment records and salary before the bank agreed to give her the loan. Analyse the loan information given above, considering one of the following correct option :a)Interest on loanb)Formal source of loanc)Informal source of loand)None of the aboveCorrect answer is option 'B'. Can you explain this answer?
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Analyze the information given below, considering one of the following correct options:Megha has taken a loan of ₹ 6 lakhs from the bank to purchase a house. The annual interest rate on the loan is 14 percent and the loan is to be repaid in 12 years in monthly installments. Megha had to submit to the bank, documents showing her employment records and salary before the bank agreed to give her the loan. Analyse the loan information given above, considering one of the following correct option :a)Interest on loanb)Formal source of loanc)Informal source of loand)None of the aboveCorrect answer is option 'B'. Can you explain this answer? for Class 10 2024 is part of Class 10 preparation. The Question and answers have been prepared according to the Class 10 exam syllabus. Information about Analyze the information given below, considering one of the following correct options:Megha has taken a loan of ₹ 6 lakhs from the bank to purchase a house. The annual interest rate on the loan is 14 percent and the loan is to be repaid in 12 years in monthly installments. Megha had to submit to the bank, documents showing her employment records and salary before the bank agreed to give her the loan. Analyse the loan information given above, considering one of the following correct option :a)Interest on loanb)Formal source of loanc)Informal source of loand)None of the aboveCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Class 10 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Analyze the information given below, considering one of the following correct options:Megha has taken a loan of ₹ 6 lakhs from the bank to purchase a house. The annual interest rate on the loan is 14 percent and the loan is to be repaid in 12 years in monthly installments. Megha had to submit to the bank, documents showing her employment records and salary before the bank agreed to give her the loan. Analyse the loan information given above, considering one of the following correct option :a)Interest on loanb)Formal source of loanc)Informal source of loand)None of the aboveCorrect answer is option 'B'. Can you explain this answer?.
Analyze the information given below, considering one of the following correct options:Megha has taken a loan of ₹ 6 lakhs from the bank to purchase a house. The annual interest rate on the loan is 14 percent and the loan is to be repaid in 12 years in monthly installments. Megha had to submit to the bank, documents showing her employment records and salary before the bank agreed to give her the loan. Analyse the loan information given above, considering one of the following correct option :a)Interest on loanb)Formal source of loanc)Informal source of loand)None of the aboveCorrect answer is option 'B'. Can you explain this answer? for Class 10 2024 is part of Class 10 preparation. The Question and answers have been prepared according to the Class 10 exam syllabus. Information about Analyze the information given below, considering one of the following correct options:Megha has taken a loan of ₹ 6 lakhs from the bank to purchase a house. The annual interest rate on the loan is 14 percent and the loan is to be repaid in 12 years in monthly installments. Megha had to submit to the bank, documents showing her employment records and salary before the bank agreed to give her the loan. Analyse the loan information given above, considering one of the following correct option :a)Interest on loanb)Formal source of loanc)Informal source of loand)None of the aboveCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Class 10 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Analyze the information given below, considering one of the following correct options:Megha has taken a loan of ₹ 6 lakhs from the bank to purchase a house. The annual interest rate on the loan is 14 percent and the loan is to be repaid in 12 years in monthly installments. Megha had to submit to the bank, documents showing her employment records and salary before the bank agreed to give her the loan. Analyse the loan information given above, considering one of the following correct option :a)Interest on loanb)Formal source of loanc)Informal source of loand)None of the aboveCorrect answer is option 'B'. Can you explain this answer?.
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