Question

mohan work at construction site in a sub urban area while sudhir is a markting manager in a home creat a list of arguments explaining who has more possibility of getting a home loan from the fomal sector class 10 short answer please give me answer​

Answer 1

Answer:

Banks are not present everywhere in rural India. Even when they are present, getting a loan from a bank is much more difficult than taking a loan from informal sources.

Bank loans require proper documents and collateral. Absence of collateral is one of the major reasons which prevents the poor from getting bank loans.

Informal lenders such as moneylenders, on the other hand, know the borrowers personally and hence are often willing to give a loan without collateral.