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Which banking facility is generally sanctioned for a fixed period such as 5 or 10 years?

easy Q1 of 15
Banking Awareness - Basics Of Banking & Banking Terminology
Which banking facility is generally sanctioned for a fixed period such as 5 or 10 years?
ALoan
BAdvance
CCash Credit
DOverdraft
Step-by-Step Solution

  1. Step 1: Identify the time frame

    The question mentions a fixed period of several years.

  2. Step 2: Apply banking usage

    Loans are granted for fixed and usually longer durations.

  3. Final Answer:

    Loan → Option A

  4. Quick Check:

    Long-term fixed tenure indicates a loan ✅
Quick Trick: Fixed long tenure = Loan.
Common Mistakes:
  • Treating short-term facilities as loans.
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