Social Sciences, asked by balinisurubabu62, 2 months ago

On Page 50
11 What are the differences between formal and
informal sources of credit?​

Answers

Answered by Sakshigollapudi
1

Answer:

Formal sources usually charges lower rates of interest whereas in informal sources they charge much higher rates of interest. The main motive of formal sources is social welfare whereas the main motive of informal sources is profit-making.

Explanation:

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