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Match the columns

Matrix:

Column I

Column II
(a)
Formal loans refers to
(i)
Loans from banks
(b)
Informal loans refers to
(ii)
Loans from moneylenders, friends
(c)
Informal lenders
(iii)
Relatives

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a-iii; b-ii; c-i

a-i; b-ii; c-iii

a-iii; b-i; c-ii

a-ii; b-i; c-iii

answer is B.

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Detailed Solution

Loans from banks and cooperatives are usually referred to as "formal loans." They are referred to because they require collateral from the borrower, on top of all the paperwork and documentation requirements for furnishing a loan to the borrower. Formal sources usually charge a lower rate of interest and thus help increase the income of the borrowers. Loans from moneylenders and friends are informal loans as they do not require collateral or much documentation or paperwork. They are considered informal credit because there are not many records found anywhere. Relatives, friends, etc., are some examples of informal lenders.

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