Multiple choice

Banks are required to convey to the borrowers the reasons in writing for rejection of their loan applications as part of

  1. code for banks and financial institutions

  2. fair practices code for lenders

  3. chapter for the borrowers

  4. courtesy
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

All rejection of loan applications received will be conveyed in writing giving the main reasons for rejection of the loan application, within the stipulated time as a part of fair practices code. Also, under this, the bank will verify the loan applications received within a reasonable period of time and if additional details/documents are required, the same will be intimated to the borrowers within such reasonable period of time.

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