diff btw FORMAL AND INFORMAL CREDIT .... 3 points please ..... Class X .... THOSE WHO DON'T KNOW SHOULD NOT ANSWER
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Hi there!!
Formal sources of credits include credit from sources like banks cooperatives etc. which are in constant vision of the RBI.They also charge very less rate of interest but demand a valid collateral.
Informal soucers include taking credit from Friend,Moneylenders,Landlords etc. which charge a very high rate of interests. But they often do not demand any kind of collateral.
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