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Why formal sources of credit preferred over the informal sources of celredit?Give three reasons.

Posted by Dolma Lhamo 7 years ago

CBSE > Class 10 > Social Science

2 answers

Shubhendra Singh ? 7 years ago

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Gaurav Seth 7 years ago

In formal sources there is high rate of interest.Due to which people cant pay back.And if they can't pay back then there property will be seized.It also requires some security assets which poor people don't have.So there they face lots of problems so they prefer informal sources like friends,relative,etc. It doesnt require any think it is based on mutual trust.

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CBSE > Class 10 > Social Science