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Q.

The ____ sources of loans charge very high rates of interest from the borrowers.

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Detailed Solution

The informal sources of loans charge very high rates of interest from the borrowers. These sources consist of friends, relatives, moneylenders, landlords, etc., who are not constrained or obliged by any law or regulation. No government body or institution regulates or supervises the work of this sector. A majority of the poor households in the country depend upon such sources to meet their credit requirements due to the inadequate number of formal institutions. Unlike formal sources of credit, these sources grant loans under easy conditions, with fewer terms of credit.

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