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What is the difference between formal and informal source of credit

Posted by Kajal Dudeja 8 years, 3 months ago

CBSE > Class 10 > Social Science

1 answers

Piyush Jha 8 years, 3 months ago

Formal source of credit involves credit from banks and cooperative societies, while informal sources of credit involves credit from relatives, friends, agricultural traders, lanlords etc. We can get credit at a low interest rate, but from informal source of credit interest rates are very high.

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CBSE > Class 10 > Social Science