Question

Featers of formal source of credit

Answer 1

Answer:

Features of formal sources of credit are :

They follow proper terms of credit which includes collateral, documentation, rate of interest and mode of repayment. (d) They provide cheap and affordable credits with common terms of credit for all.

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Answer 2

Answer:

hope it helps:

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FORMAL SECTOR

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•We can get formal sector credit loans from Bank, LIC etc

•They are under the control of RBI

•If we don't pay the loan back the take legal action

•They give loan in reasonable interest

•Collateral is necessary

•This take more time for process

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