Identify the INCORRECT statement in the context of Microfinance Institutions in India.

A

A microfinance loan is given to a household having annual household income up to ₹3,00,000.

B

A microfinance loan is a collateral-free loan.

C

When giving a micro loan, a household means an individual family unit, i.e., husband, wife, and their unmarried children .

D

A microfinance loan should be linked with a lien on the deposit account of the borrower.