Social Sciences, asked by MrPikadachi, 4 months ago

Why people still prefer to take loan from informal sources.? Give 5 reasons.

Answers

Answered by AvishiSrivastava

3

Answer:

people still prefer to take loan from informal sources because=

(i) Banks are not present everywhere in rural India. (ii) Even when they are present, getting a loan from a bank is much more difficult than taking a loan from informal sources. (iv) Informal lenders like moneylenders, know the borrower personally and hence, are often willing to give a loan without a collateral.

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