New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Under KCC, farmers can avail short term loans up to 3

    lakh at a simple interest rate of ___ on condition of timely payment.
    A 9% Correct Answer Incorrect Answer
    B 7% Correct Answer Incorrect Answer
    C 4% Correct Answer Incorrect Answer
    D 3% Correct Answer Incorrect Answer
    E 5% Correct Answer Incorrect Answer

    Solution

    Farmers can avail short term loans at a simple interest rate of 4% on condition of timely payment. Interest Subvention up to 3% is given if the farmer repays the loan promptly, but in case of late payment, bank will charge interest rate of 7% on the loan amount.

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