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Defference between formal and informal source

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Defference between formal and informal source
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Ranj Ith 3 years ago

FORMAL THEY NEED ANY ASSET TO BUY THE LOAN THEY GIVE AT LOW INSERT. EX BANK , COOPERATIVES INFORMAL THEY DNOT NEED ASSET THEY GIVE AT HIGH INSERT EX. NEIGHBORHOOD, RELATION, MONEY. LENDER
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Formal=it provides lon to follow rule and regulations the government,it charges low rate of interst ex= bank main example of formal sector ,informal =it provide lon without follow rule and regulations ,it charges high rate of interst,ex=landlords , relatives are main example of informal sector
Resources is use to humans
What is resources
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