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Diffrentiate between formal and informal sources …

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Diffrentiate between formal and informal sources of credit

Posted by Nita Subramanian 6 years, 11 months ago

CBSE > Class 10 > Social Science

2 answers

Sneha Jha 6 years, 11 months ago

Formal sources of credit 1.includes banks and cooperatives. 2.a reasonable rate of interest is charged . 3.the RBI supervises it's functioning. 4.terms of credit are fair and reasonable. Inform of credit 1.includes moneylenders, traders, employees, friends and relatives. 2.repeated borrowing can lead to debt trap. 3.Banks do not supervise. 4.they impose very tough and sometimes even unreasonable terms of credit or borrowers

Simran Kahlon 6 years, 11 months ago

The formal sources of credit are which we take loan from bank and finances The informal sources of credit are which we take from our relative and friends

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