Social Sciences, asked by Hirarth9941, 11 months ago

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

Answers

Answered by hiten43yyy

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

Answered by shaikhareeb763

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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