Define the term credit? Explain the importance of Agriculture credit.
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Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some later date with consideration, generally with interest.
It is the strategic input and integrated factor, which stimulates the growth impulses of the rural sector. ... Agricultural credit is the money extended to the farmers to stimulate the productivity of the limited farm resources.
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Interest rate, collateral ,documentation requirements and the mode of repayment together compromise terms of credit
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