BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The formal way of lending includes lending from?
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Private Sector Banks
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Co-operative Banks
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Public Sector Banks
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All of the above
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Explanation:
Detailed explanation-1: -In simple terms, formal lending takes place between two parties who have a business relationship and always involves a written contract. It can be an unsecured personal loan or a loan for which you have to provide collateral.
Detailed explanation-2: -A loan is a sum of money that an individual or company borrows from a lender. It can be classified into three main categories, namely, unsecured and secured, conventional, and open-end and closed-end loans.
Detailed explanation-3: -Lending can be broadly broken down into two categories: personal (or “consumer") lending and business lending. Some types of loans are available in both personal and business lending, though they are handled differently.
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