On what terms did Savita get a loan from Tej Pal Singh? Would Savita's conditions be different if she could get a loan from the bank at a low rate of interest?
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Savita was a small farmer who decided to cultivate in her 1 hectare Land. But she needed money for raw materials and to repair machines. Thus, she decided to take Kiran from the rich farmer - Tejpal Singh.
Tejpal Singh gave loan to Savita under two conditions which she had to agree. They were:
i) Savita had to recieve the loan at an interest of 24% for for months which is quite high.
ii) Savita also had to work in the fields of Tejpal Singh.
If Savita would have taken the loan from the bank then she would have loan at very less interest and also she need not have to work. She could have repaid the loan easily.
Tejpal Singh gave loan to Savita under two conditions which she had to agree. They were:
i) Savita had to recieve the loan at an interest of 24% for for months which is quite high.
ii) Savita also had to work in the fields of Tejpal Singh.
If Savita would have taken the loan from the bank then she would have loan at very less interest and also she need not have to work. She could have repaid the loan easily.
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