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Why rural people are unable to take advantages of formal sources of credit .? |
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Answer» (i) Absence of collateral and documentation is the main reason which prevents rural poor from getting bank loans....(ii) The arrangements of informal sector loans are flexible in terms of timelines, procedural requirements, interest rates etc. They are unable to take it bacause in rural areas the people are not much educated and they only use informal sources of credit because in informal credit is easier to take and the only want that their work should be done soonly |
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