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Q.

Choose the given statement is true/false:

A small farmer might not be able to get loans from banks or cooperatives, and he or she would have to depend on informal sources.

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Detailed Solution

The above statement is true.
For a few reasons, small farmers and landless agricultural workers might find it challenging to take out loans from banks or other formal sources. The most common of those reasons are lack of collateral and proper documents. As a result, people have to depend on moneylenders, traders, friends and relatives. They don't ask for any collateral and provide the loan with flexible terms of credit. However, they also charge high-interest rates, which are difficult for a small farmer or worker to pay back. High rates of interest further lead to increasing debt and a debt trap.

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Choose the given statement is true/false:A small farmer might not be able to get loans from banks or cooperatives, and he or she would have to depend on informal sources.