why poor people do not get more loan in formal sector?
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Answer: (i) Banks are less in rural areas, whereas the informal sources are present in all villages. (ii) Getting a loan from banks is much more difficult than taking a loan from informal sources, because banks require proper documents and collateral, which most of the poor people do not possess.
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Answer:
most of the people are illiterate. 2) lack of awareness,most people don't know about the risks of taking loan from informal sector. 3) taking loan from banks includes many formalities and written records have to be kept so ,the people have some difficulties in taking loan from banks.
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