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TOTAL QUESTION: 40
TOTAL TIME= 40 MIN
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Your results are here!! for" Credit Guarantee Fund Scheme for Education Loan (CGFSEL) "
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Question 1 of 40
1. Question
When did the Credit Guarantee Fund Scheme for Education Loan (CGFSEL) come into force?
Correct
The scheme came into force on 16.09.2015, the date of notification by the Government of India.
Incorrect
The scheme came into force on 16.09.2015, the date of notification by the Government of India.
Unattempted
The scheme came into force on 16.09.2015, the date of notification by the Government of India.
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Question 2 of 40
2. Question
What is the maximum education loan limit covered under CGFSEL without collateral security and third-party guarantee?
Correct
The maximum loan limit is Rs. 7.50 lakh without collateral security and third-party guarantee.
Incorrect
The maximum loan limit is Rs. 7.50 lakh without collateral security and third-party guarantee.
Unattempted
The maximum loan limit is Rs. 7.50 lakh without collateral security and third-party guarantee.
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Question 3 of 40
3. Question
What is the maximum interest rate over RLLR or another external benchmark allowed for education loans covered under CGFSEL?
Correct
The Bank‘s interest rate should be maximum 2% p.a. over RLLR or another conforming external benchmark.
Incorrect
The Bank‘s interest rate should be maximum 2% p.a. over RLLR or another conforming external benchmark.
Unattempted
The Bank‘s interest rate should be maximum 2% p.a. over RLLR or another conforming external benchmark.
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Question 4 of 40
4. Question
What is the margin for an education loan up to Rs. 4 lakh under CGFSEL?
Correct
The margin for loans up to Rs. 4 lakh is Nil.
Incorrect
The margin for loans up to Rs. 4 lakh is Nil.
Unattempted
The margin for loans up to Rs. 4 lakh is Nil.
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Question 5 of 40
5. Question
What is the margin for studies in India when the loan amount is above Rs. 4 lakh?
Correct
For studies in India, the margin above Rs. 4 lakh is 5%.
Incorrect
For studies in India, the margin above Rs. 4 lakh is 5%.
Unattempted
For studies in India, the margin above Rs. 4 lakh is 5%.
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Question 6 of 40
6. Question
What is the margin for studies abroad when the loan amount is above Rs. 4 lakh?
Correct
For studies abroad, the margin above Rs. 4 lakh is 15%.
Incorrect
For studies abroad, the margin above Rs. 4 lakh is 15%.
Unattempted
For studies abroad, the margin above Rs. 4 lakh is 15%.
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Question 7 of 40
7. Question
Who is an eligible borrower under CGFSEL?
Correct
An eligible borrower is a new or existing Indian-national borrower meeting the prescribed IBA eligibility criteria and executing loan documents.
Incorrect
An eligible borrower is a new or existing Indian-national borrower meeting the prescribed IBA eligibility criteria and executing loan documents.
Unattempted
An eligible borrower is a new or existing Indian-national borrower meeting the prescribed IBA eligibility criteria and executing loan documents.
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Question 8 of 40
8. Question
Who will generally be the co-borrowers or joint borrowers under CGFSEL?
Correct
Parents or guardians will be the co-borrowers or joint borrowers.
Incorrect
Parents or guardians will be the co-borrowers or joint borrowers.
Unattempted
Parents or guardians will be the co-borrowers or joint borrowers.
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Question 9 of 40
9. Question
For a married borrower, who can be the joint borrower?
Correct
For a married person, the joint borrower can be the spouse or parent(s)/parents-in-law.
Incorrect
For a married person, the joint borrower can be the spouse or parent(s)/parents-in-law.
Unattempted
For a married person, the joint borrower can be the spouse or parent(s)/parents-in-law.
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Question 10 of 40
10. Question
What does collateral security mean under the scheme?
Correct
Collateral security means security provided in addition to the personal obligation of the borrower or co-borrower.
Incorrect
Collateral security means security provided in addition to the personal obligation of the borrower or co-borrower.
Unattempted
Collateral security means security provided in addition to the personal obligation of the borrower or co-borrower.
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Question 11 of 40
11. Question
What is meant by ‘Education Loan‘ under CGFSEL?
Correct
An education loan is financial assistance by way of loan for higher education as per the IBA Model Educational Loan Scheme.
Incorrect
An education loan is financial assistance by way of loan for higher education as per the IBA Model Educational Loan Scheme.
Unattempted
An education loan is financial assistance by way of loan for higher education as per the IBA Model Educational Loan Scheme.
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Question 12 of 40
12. Question
What is the purpose of the Credit Guarantee Fund for Education Loans?
Correct
The Fund is established to guarantee payment against default in eligible education loans.
Incorrect
The Fund is established to guarantee payment against default in eligible education loans.
Unattempted
The Fund is established to guarantee payment against default in eligible education loans.
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Question 13 of 40
13. Question
What is the maximum guarantee cover available per eligible borrower under the scheme?
Correct
The maximum guarantee cover is 75% of the amount in default.
Incorrect
The maximum guarantee cover is 75% of the amount in default.
Unattempted
The maximum guarantee cover is 75% of the amount in default.
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Question 14 of 40
14. Question
Which banks are included as lending institutions under the scheme?
Correct
Lending institutions include public sector, private sector and foreign banks that are members of IBA.
Incorrect
Lending institutions include public sector, private sector and foreign banks that are members of IBA.
Unattempted
Lending institutions include public sector, private sector and foreign banks that are members of IBA.
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Question 15 of 40
15. Question
What does NCGTC stand for?
Correct
NCGTC stands for National Credit Guarantee Trustee Company.
Incorrect
NCGTC stands for National Credit Guarantee Trustee Company.
Unattempted
NCGTC stands for National Credit Guarantee Trustee Company.
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Question 16 of 40
16. Question
When was NCGTC set up according to the scheme?
Correct
NCGTC was set up on March 28, 2014 by the Government of India.
Incorrect
NCGTC was set up on March 28, 2014 by the Government of India.
Unattempted
NCGTC was set up on March 28, 2014 by the Government of India.
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Question 17 of 40
17. Question
Who undertakes the operations of CGFSEL on behalf of the Trust Fund?
Correct
NCGTC undertakes matters pertaining to the operations of CGFSEL on behalf of the Trust Fund.
Incorrect
NCGTC undertakes matters pertaining to the operations of CGFSEL on behalf of the Trust Fund.
Unattempted
NCGTC undertakes matters pertaining to the operations of CGFSEL on behalf of the Trust Fund.
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Question 18 of 40
18. Question
Up to what loan amount does NCGTC undertake to provide guarantee against default under CGFSEL?
Correct
NCGTC provides guarantee in relation to education loans up to Rs. 7.5 lakh extended to eligible borrowers.
Incorrect
NCGTC provides guarantee in relation to education loans up to Rs. 7.5 lakh extended to eligible borrowers.
Unattempted
NCGTC provides guarantee in relation to education loans up to Rs. 7.5 lakh extended to eligible borrowers.
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Question 19 of 40
19. Question
When should the Bank apply for guarantee cover for loans disbursed during April-June?
Correct
For April-June disbursements, the application is made before expiry of the following quarter, July-September.
Incorrect
For April-June disbursements, the application is made before expiry of the following quarter, July-September.
Unattempted
For April-June disbursements, the application is made before expiry of the following quarter, July-September.
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Question 20 of 40
20. Question
Which condition should generally be satisfied on the material date for guarantee cover?
Correct
On the material date, there should be no overdue and/or the loan should not have been classified as NPA, subject to the scheme conditions.
Incorrect
On the material date, there should be no overdue and/or the loan should not have been classified as NPA, subject to the scheme conditions.
Unattempted
On the material date, there should be no overdue and/or the loan should not have been classified as NPA, subject to the scheme conditions.
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Question 21 of 40
21. Question
An education loan additionally covered by Government or another insurer/guarantor is not eligible to the extent that the risk is:
Correct
Loans with risks additionally covered by government, insurer or another guarantor are ineligible to the extent they are so covered.
Incorrect
Loans with risks additionally covered by government, insurer or another guarantor are ineligible to the extent they are so covered.
Unattempted
Loans with risks additionally covered by government, insurer or another guarantor are ineligible to the extent they are so covered.
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Question 22 of 40
22. Question
An education loan inconsistent with applicable law or Central Government/RBI directions is:
Correct
A loan inconsistent with applicable laws or directions is not eligible for guarantee.
Incorrect
A loan inconsistent with applicable laws or directions is not eligible for guarantee.
Unattempted
A loan inconsistent with applicable laws or directions is not eligible for guarantee.
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Question 23 of 40
23. Question
An education loan sanctioned with interest more than 2% over the applicable Base Rate/MCLR is:
Correct
Such a loan is not eligible under the specified CGFSEL condition.
Incorrect
Such a loan is not eligible under the specified CGFSEL condition.
Unattempted
Such a loan is not eligible under the specified CGFSEL condition.
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Question 24 of 40
24. Question
How should the Bank evaluate and sanction education loans covered under CGFSEL?
Correct
The Bank must follow the IBA Model Educational Loan Scheme and normal banking prudence and due diligence.
Incorrect
The Bank must follow the IBA Model Educational Loan Scheme and normal banking prudence and due diligence.
Unattempted
The Bank must follow the IBA Model Educational Loan Scheme and normal banking prudence and due diligence.
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Question 25 of 40
25. Question
What linkage must the Bank ensure for every education loan under the scheme?
Correct
The Bank must ensure linkage of every education loan with the borrower‘s Aadhaar number.
Incorrect
The Bank must ensure linkage of every education loan with the borrower‘s Aadhaar number.
Unattempted
The Bank must ensure linkage of every education loan with the borrower‘s Aadhaar number.
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Question 26 of 40
26. Question
Whose name should the Bank register with an appropriate credit information bureau?
Correct
The Bank should register the borrower/co-borrower name with an appropriate credit information bureau.
Incorrect
The Bank should register the borrower/co-borrower name with an appropriate credit information bureau.
Unattempted
The Bank should register the borrower/co-borrower name with an appropriate credit information bureau.
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Question 27 of 40
27. Question
Does payment of a guarantee claim by NCGTC remove the Bank‘s responsibility to recover the full outstanding amount?
Correct
Payment of the guarantee claim does not remove the Bank‘s responsibility to recover the entire outstanding amount with applicable interest.
Incorrect
Payment of the guarantee claim does not remove the Bank‘s responsibility to recover the entire outstanding amount with applicable interest.
Unattempted
Payment of the guarantee claim does not remove the Bank‘s responsibility to recover the entire outstanding amount with applicable interest.
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Question 28 of 40
28. Question
What should the Bank do when entering into a compromise or one-time settlement for a guaranteed account?
Correct
The Bank should intimate NCGTC while entering into any compromise or one-time settlement arrangement.
Incorrect
The Bank should intimate NCGTC while entering into any compromise or one-time settlement arrangement.
Unattempted
The Bank should intimate NCGTC while entering into any compromise or one-time settlement arrangement.
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Question 29 of 40
29. Question
What is the Annual Guarantee Fee (AGF) specified under the scheme?
Correct
The Annual Guarantee Fee is 0.50% per annum of the applicable outstanding amount.
Incorrect
The Annual Guarantee Fee is 0.50% per annum of the applicable outstanding amount.
Unattempted
The Annual Guarantee Fee is 0.50% per annum of the applicable outstanding amount.
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Question 30 of 40
30. Question
Within how many days from the date of CGDAN should the upfront AGF be paid to the Fund?
Correct
The upfront AGF is payable within 30 days from the date of the Credit Guarantee Demand Advice Note.
Incorrect
The upfront AGF is payable within 30 days from the date of the Credit Guarantee Demand Advice Note.
Unattempted
The upfront AGF is payable within 30 days from the date of the Credit Guarantee Demand Advice Note.
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Question 31 of 40
31. Question
On what basis are subsequent AGFs calculated?
Correct
Subsequent AGFs are calculated on the outstanding loan amount at the beginning of the financial year.
Incorrect
Subsequent AGFs are calculated on the outstanding loan amount at the beginning of the financial year.
Unattempted
Subsequent AGFs are calculated on the outstanding loan amount at the beginning of the financial year.
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Question 32 of 40
32. Question
What happens if the AGF is not paid within the stipulated time?
Correct
Non-payment of AGF within the stipulated time causes the Fund‘s guarantee liability for the relevant facility to lapse.
Incorrect
Non-payment of AGF within the stipulated time causes the Fund‘s guarantee liability for the relevant facility to lapse.
Unattempted
Non-payment of AGF within the stipulated time causes the Fund‘s guarantee liability for the relevant facility to lapse.
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Question 33 of 40
33. Question
Who bears the amount equivalent to the guarantee fee?
Correct
The amount equivalent to the guarantee fee is borne by the Bank.
Incorrect
The amount equivalent to the guarantee fee is borne by the Bank.
Unattempted
The amount equivalent to the guarantee fee is borne by the Bank.
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Question 34 of 40
34. Question
Which is a circumstance in which a guarantee fee may be refunded?
Correct
The scheme permits refund in circumstances including excess remittance, duplicate remittance and AGF not due.
Incorrect
The scheme permits refund in circumstances including excess remittance, duplicate remittance and AGF not due.
Unattempted
The scheme permits refund in circumstances including excess remittance, duplicate remittance and AGF not due.
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Question 35 of 40
35. Question
When does the guarantee cover commence?
Correct
The guarantee cover commences from the date of payment of the guarantee fee.
Incorrect
The guarantee cover commences from the date of payment of the guarantee fee.
Unattempted
The guarantee cover commences from the date of payment of the guarantee fee.
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Question 36 of 40
36. Question
What is the lock-in period for invocation of guarantee?
Correct
The lock-in period is 12 months from the later of the end of the interest moratorium or commencement of guarantee cover.
Incorrect
The lock-in period is 12 months from the later of the end of the interest moratorium or commencement of guarantee cover.
Unattempted
The lock-in period is 12 months from the later of the end of the interest moratorium or commencement of guarantee cover.
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Question 37 of 40
37. Question
What percentage of the guaranteed amount does NCGTC pay initially after an eligible claim is preferred?
Correct
NCGTC initially pays 75% of the guaranteed amount after an eligible claim is preferred, subject to the scheme conditions.
Incorrect
NCGTC initially pays 75% of the guaranteed amount after an eligible claim is preferred, subject to the scheme conditions.
Unattempted
NCGTC initially pays 75% of the guaranteed amount after an eligible claim is preferred, subject to the scheme conditions.
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Question 38 of 40
38. Question
When is the balance 25% of the guaranteed amount paid?
Correct
The balance 25% is paid after obtaining a Bank certificate that all avenues for recovery have been exhausted.
Incorrect
The balance 25% is paid after obtaining a Bank certificate that all avenues for recovery have been exhausted.
Unattempted
The balance 25% is paid after obtaining a Bank certificate that all avenues for recovery have been exhausted.
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Question 39 of 40
39. Question
From January 2017 onwards, what is required for successful de-duplication?
Correct
From January 2017, at least one of PAN Card, Voter ID, Aadhaar Number or Driving Licence is mandatory for successful de-duplication.
Incorrect
From January 2017, at least one of PAN Card, Voter ID, Aadhaar Number or Driving Licence is mandatory for successful de-duplication.
Unattempted
From January 2017, at least one of PAN Card, Voter ID, Aadhaar Number or Driving Licence is mandatory for successful de-duplication.
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Question 40 of 40
40. Question
Within what maximum period may the Bank invoke the guarantee after an account becomes NPA, subject to the scheme‘s lock-in conditions?
Correct
The Bank may invoke the guarantee within a maximum period of one year from the date of NPA if the NPA is after the lock-in period, or within one year of the lock-in period if the NPA occurs during the lock-in period.
Incorrect
The Bank may invoke the guarantee within a maximum period of one year from the date of NPA if the NPA is after the lock-in period, or within one year of the lock-in period if the NPA occurs during the lock-in period.
Unattempted
The Bank may invoke the guarantee within a maximum period of one year from the date of NPA if the NPA is after the lock-in period, or within one year of the lock-in period if the NPA occurs during the lock-in period.