Give two examples for informal sector loans and formal sector loans
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informal sector includes taking loan without any written record.
this includes a risk of cheating.
it is practiced usually in villages .
this includes taking loan from landlords and moneylenders.
Formal sector includes taking loan with proper written record so that there are lesser chances of cheating.
it is used in cities .
this includes taking loans from banks.
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Institution ✍
➽ An organisation founded for a religious ,educational or social purpose is called an Institution.
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