Which of the following is NOT a correct statement about Loans?

Which of the following is NOT a correct statement?
[A]Interest rates on unsecured loans is higher than the secured loans
[B]Mortgage Loan is a kind of secured loan
[C]Credit Card is a kind of secured loan
[D]Unsecured loans are given out on the basis of credit worthiness of the borrowers

Credit Card is a kind of secured loan
In unsecured loans, the borrowers assets are not pledged as collateral. Examples of such loans are personal loans, education loans, credit cards etc. They are given out on the basis of credit worthiness of the borrowers.

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This question "Which of the following is NOT a correct statement about Loans?" was published on GKToday on May 30, 2015 at 2:21 pm. For Current Affairs Questions Archive Click Here. For General Knowledge Questions Archive Click Here.

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