To answer this question, we need to understand the concept of formal and informal methods of getting credit/finance.
Formal methods of getting credit/finance involve borrowing from financial institutions such as banks, credit unions, or online lenders. These institutions have established processes, regulations, and legal frameworks for lending money.
On the other hand, informal methods of getting credit/finance involve borrowing from non-institutional sources, such as individuals or organizations that are not regulated financial institutions. These sources may include friends, family, or money lenders who operate outside the formal banking system.
Now let's go through each option to determine which one is considered an informal method of getting credit/finance:
Option A) Internet Banking - Internet banking refers to the use of online platforms provided by banks to perform various financial transactions, including accessing accounts, transferring funds, and applying for loans. Internet banking is a formal method of accessing credit/finance since it involves borrowing from a regulated financial institution. Therefore, Option A is incorrect.
Option B) Going to money lenders - Money lenders are typically non-institutional sources that provide loans to individuals or businesses. They often operate outside the formal banking system and may not be regulated. Borrowing from money lenders is considered an informal method of getting credit/finance. Therefore, Option B is correct.
Option C) Tele Banking - Tele banking, also known as phone banking, refers to conducting banking transactions over the phone. Similar to internet banking, tele banking is a service provided by banks and is considered a formal method of accessing credit/finance. Therefore, Option C is incorrect.
Option D) Branch visits - Branch visits involve physically going to a bank branch to perform financial transactions, including applying for loans. This method is part of the formal banking system and is considered a formal method of getting credit/finance. Therefore, Option D is incorrect.
The correct answer is Option B) Going to money lenders. This option is correct because borrowing from money lenders is considered an informal method of getting credit/finance.