Question

Why are formal sources of credit preferred over the informal source of credit? Give three reasons 0?

Answer 1

HEY MATE.....

HERE IS THE ANSWER

▶️FORMAL SOURCES PROVIDE LOAN AT A LESS RATE OF INTEREST THAN INFORMAL.
▶️IT GIVES LOAN EVEN TO THE POOR AND LANDLESS FARMERS.
▶️FORMAL SOURCES ARE Routinely CHECKED BY RESERVE BANK OF INDIA. ♦️



♦️♦️HOPE YOU UNDERSTOOD ♦️♦️

FOLLOW ME AND MARK ME BRAINLIEST

Answer 2

Answer:

HEY MATE.....

HERE IS THE ANSWER

▶️FORMAL SOURCES PROVIDE LOAN AT A LESS RATE OF INTEREST THAN INFORMAL.

▶️IT GIVES LOAN EVEN TO THE POOR AND LANDLESS FARMERS.

▶️FORMAL SOURCES ARE Routinely CHECKED BY RESERVE BANK OF INDIA. ♦️

♦️♦️HOPE YOU UNDERSTOOD ♦️♦️

FOLLOW ME AND MARK ME BRAINLIES

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Explanation: