Question

what are formula source of credit mention any two features of formulas source of credit

Answer 1

formal source credit are given organisations which are registered by govt.

example .. cooperatives,banks

features:

charge a low rate of interest

ask for collateral as a guarantee

they are supervised by RBI

borrower could improve himself/herself due to cheap and affordable credit

these organisation s don't provide fresh loans before closing old loan

hope it's helpful

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