Economy, asked by shramass123, 10 months ago

why do people take more loans from informal sector

Answers

Answered by Namasya

12

Answer:

Mostly People living in rural areas take loans from informal sector because-

- They don't need to give collateral.

-Banks are not present everywhere in rural India

- Bank loan require proper document.

- In most cases the lender knows the borrower personally so they get loans easily

Hope it will help you ☺️

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