Distinguish between formal and informal sector of loan
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Hey...
• Formal sector loan is given by commercial bank whereas informal sector loan is given by money lenders, big merchants, etc.
• Formal sector loan required collateral where as informal sector loans does not require collateral.
• Formal sector loans has a low rate of interest where as informal sector loans has a very high rate of interest.
Hope this would help you.
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Formal sector loan is given by commercial bank whereas informal sector loan is given by money lenders, big merchants, etc. ✔️
Formal sector loans has a low rate of interest where as informal sector loans has a very high rate of interest.✔️
[I hope help ✔️❤️✌️
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