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Q.

Which one of the following is another name for organized credit?


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a

Informal Credit

b

Formal Credit

c

Cooperative Credit

d

None of the above 

answer is B.

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Detailed Solution

Formal credit is another name for organized credit.
It is called organized because it provides affordable and secure credit with lower interest rates from an organization. Formal credit has many advantages for borrowers, including low-interest rates and other benefits banks offer. Banks mainly give formal credit after proper documentation and paperwork and cannot use illicit means of recovering money from borrowers. They must use suitable methods such as collateral to recover loan amounts, not extract cash by force.
 
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