Question

diff btw FORMAL AND INFORMAL CREDIT .... 3 points please ..... Class X .... THOSE WHO DON'T KNOW SHOULD NOT ANSWER​

Answer 1

Answer:

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.

If i remember any further i will notify.

Hope it helps help me too by marking as brainliest!!