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Differentiate between formal and informal sources of credit ??? |
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Answer» In formal source of credit the borrower have to go give collateral to the bank or any source, but in informal source of credit there is no need of such thing but they have to give high interest as compare to formal source of credit. Formal source of Credit means the Loan which we take from banks and informal source of Credit means which we take from landloards or zamidar |
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