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Which households take more loansfrom the formal sector ?
[2011 (T-2)]
- a)Poor households and rich household.
- b)Well off households and households with few assets.
- c)Poor households and well off households
- d)Well off households and rich households.
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
Which households take more loansfrom the formal sector ?[2011 (T-2)]a)...
Explanation:
Formal sector in the context of loans refers to banks and other financial institutions that are regulated by the government. The households that take more loans from the formal sector are:
Well-off households:
- These households have a higher income and are more likely to have a good credit score, making it easier for them to get loans from the formal sector.
- They are also more likely to have assets that they can use as collateral for loans.
Rich households:
- Rich households have a significant amount of wealth and assets, making it easier for them to get loans from the formal sector.
- They can also use their assets as collateral for loans.
Therefore, the correct answer is option D - well-off households and rich households.
Formal sector in the context of loans refers to banks and other financial institutions that are regulated by the government. The households that take more loans from the formal sector are:
Well-off households:
- These households have a higher income and are more likely to have a good credit score, making it easier for them to get loans from the formal sector.
- They are also more likely to have assets that they can use as collateral for loans.
Rich households:
- Rich households have a significant amount of wealth and assets, making it easier for them to get loans from the formal sector.
- They can also use their assets as collateral for loans.
Therefore, the correct answer is option D - well-off households and rich households.
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Community Answer
Which households take more loansfrom the formal sector ?[2011 (T-2)]a)...
••••• ya option D is correct because poor households lack collateral ( assets i,e. property , land area and other valuable things ) which they can uses as a guarantee to a lender until the loan is repaid, that's why they mostly depens upon the informal sector and rich and well off households depends upon formal sector.••••••••
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Which households take more loansfrom the formal sector ?[2011 (T-2)]a)Poor households and rich household.b)Well off households and households with few assets.c)Poor households and well off householdsd)Well off households and rich households.Correct answer is option 'D'. Can you explain this answer?
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