For us, formal credit is what my neighbour's son with his salary slip gets from banks — I hear they charge 9–10%, but my Aadhaar card and ration card don't make the cut. Informal credit is what I take from Sethji's shop when Ma needs medicine — he adds 5% a month, no paper, just a nod. That pakka 60% a year hurts, but when you're daily wage, the seth's trust is the only loan you qualify for. Last month my sister's fee came due, and I stood at his counter again.
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