mention any three fealures of formal sector credit
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Features of formal sector loans are : (i) Formal sectors provide cheap and affordable loans and their rate of interest is monitered by RBI. (ii) Formal sector strictly follows the terms of credit which includes interest rate, collateral, documentation and the mode of repayment.
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1.Without collateral, loans will not be given in formal sector
Explanation:12.Formal sector offers loans in a fair interst rate
3.Formal sector maintains proper documentation of loans.
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