Which of the phrases (A), (B), (C) and (C) given below should replace the phrase given in bold in the following sentence to make the sentence grammatically meaningful, and correct? If the sentence is correct as it is, and no correction is required, mark (E) as the answer.

Q:

Each of the loan must be approved by the Branch Manager.

• 1
  Every loan
• 2
  Each one of the loan
• 3
  Any of the loan
• 4
  All of the loan
• 5
  No correction required