on what term did Savita get a loan from Tejpal Singh .Would the condition of Savita be different if she could geloan from the bank at low rate of interest ?
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Savita was a small farmer who needed capital for making initial investments in farming. She decided to take loan from Tejpal Singh who was a large farmer. he agreed to give her loan a a rate of 24 percent interest for four months only.But his condition was that she has to work as a farm labourer in his field during the harvest season at Rs 35 per day.Savita agreed to the condition because she knew that getting loan for a small farmer like her is difficult.
Yes, Savita's condition would have been better if she could have got loan from the bank at a low rate of interest.She would not have to fulfil the tough condition proposed by Tejpal and could also get a longer period for returning the loan.
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