Q4. Differentiate between formal and informal sector of credit.
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Explanation:
Formal sources typically charge lower interest rates. They charge much higher interest rates for informal sources. Examples: Moneylenders, merchants, workers, relatives and friends etc.
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Answer:
The difference between formal and informal sources credit are tabulated below.
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Answer:
Formal sources of loans Informal source of loans
Examples: Banks and cooperatives Examples: Moneylenders, merchants, workers, relatives and friends
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