Question

why is cheap and affordable credit important for the county development

Answer 1

Cheap and affordable credit plays a crucial role for the country’s development.
Reasons are
(i) The credit helps people to meet the ongoing expenses of production and thereby develops their businesses in agricultural and industrial areas.
(ii) For middle-class people, loans help a lot in
constructing their houses and get rid of monthly rents.
(iii) It raises the standard of living and social status of the common man by enabling them to buy automobiles, electronic items, etc.

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Answer 2

hi

when there is availability of cheap and affordable loan the development takes place because :

1)  even the people from the poor family, middle class or the people working under unorganized sector will get a chance to take the loan.

2) the living standard or the standard of living will be developed.

3) even the poor people will get a chance to develop their working place or home by taking credit

hope it helps...........