Formal credit means banks, with their fixed interest rates around 10-12% for personal loans, but they need all my salary slips. Informal is the local money-lender who charges much more, but asks for no papers. Yet, from my life in Bangalore, the real difference is not the interest, but the shame. When I applied for a loan for a new laptop, the bank's scrutiny made me feel like a thief, while borrowing from my *dada* back home only costs me his disappointed silence.
#kerala#volleyball
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