Question

what do you mean by formal and informal loans.....???​

Answer 1

Explanation:

The distinctions: (i)Formal sector loans are such loans which are taken either from the banks or the co-operatives. While informal sector loans are those which are taken from moneylenders, traders, employers, relative and friends.

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Answer 2

Answer:

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Explanation:

Money and Credit

(i)Formal sector loans are such loans which are taken either from the banks or the co-operatives. While informal sector loans are those which are taken from moneylenders, traders, employers, relative and friends. ... On the other hand the rate of interest in informal sector is very low.