Banking Awareness Test for IBPS, RBI, SBI, NABARD & other Bank Examinations

Q.  Which of the following are the ways to repay the personal loan?

a. Equated Monthly Installments via Cheques
b. Electronic Clearing Services
c. Cash
d. Both a and b


ANSWER: See Answer
 
The loan can be repaid in the form of Equated Monthly Installment (EMI) via post-dated cheques drawn in favour of the bank or by releasing a mandate allowing payment through the Electronic Clearing Services (ECS) system.
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