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Difference between formal and informal credit …

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Difference between formal and informal credit resource

Posted by Seema Chadha 6 years, 9 months ago

CBSE > Class 10 > Social Science

1 answers

Adarsh Jaiswal 6 years, 9 months ago

1. Formal credit source is taken from bank and cooperative society but informal is taken from landlords and rich peasents. 2. Formal credit has usually low intrest rate while informal take high intrest . 3.formal sector needs collateral but informal doesn't needs. 4. Formal sector of credit needs documentation while informal doesn't need. 5. As intrest rate is high profit margin is low in informal credit but in formal credit profit margin will be high as compared to loan taken from informal credit source.

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