Bad credit loans Washington State

For grain Ajmer, Kekri, Beawar, Deoli, and Nasirabad. It is more or less customary for the agriculturists to bring the produce to marketing centres unless there is a direct stipulation with the money-lenders or saiiukars to sell the goods to him or through him. Cotton is purchased by the mill owners at Beawar for local consumption. The expenses incurred are, commission 0-12 0, for cash payment 0-4-0, and dharmada, etc. Coolies are usually paid in kind which works out at about 5 annas per cent, ad valorem. The agriculturist stores his produce at his own house previous to taking it to the market and when he wants to sell it, it is brought to the shop of the commission agent where it is sold on the very day or the day following. Credit can be obtained on the security of grain provided it is kept in the custody of commission- agents or money-lenders.

The reduction or the abolition of the stamp duty on usance bad credit loans Washington State bills would certainly increase this class of bills. The land bad credit loans Washington State mortgage bank should lend money at the rate of Rs.

There bad credit loans Washington State ought to be one surety who in the event of the non-payment of the instalment should be held responsible for the same. Rope making, hand ginning and weaving, leather tanning and gur making are the principal small subsidiary industries allied to agriculture. In addition to textile mills and factories the following local industries also exist: — (a) Kasida machine work.

Their financial requirements are met by the owners as far as possible. Such hundis are rediscounted by the Imperial Bank also. The mahajam generally carry on the business of banking and money-lending. The other communities are also seen engaged in this branch of business but to a small extent. The functions of the indigenous banker or the money-lender. Advancing money against wool (against railway receipt). The bankers or money-lenders not only advance money to the people but carry on other trades. In rural area, most of the mahajam live mostly on investment made by their forefathers. They themselves advance small amounts to keep up the old investment and to recover the old debts. The money-lenders assist the cultivators by advancing loans in cash or in kind at the time of harvest. Demand and usance hundis, promissory notes, chain hhata -and fixed loans.

On mortgage of property and land (regular documents executed and registered). Funds are provided bad credit loans Washington State by drawings on arti-m, accommodation through the Imperial or other banks, big shroffs and commission agents against goods sent for sale. Rate of interest varies from three to six per cent, sahukari Tate of interest is six per cent. The rates of interest which the agricultural community has to pay is in money or in kind and varies from 10 to 37 per cent. These rates could be, brought down by better organisation of co-operative societies. The banking business is declining to a great extent. At the time of harvest, money flows from urban centres to rural centres. The abolition of stamp duties on usance bills would certainly increase trade bills. There is no large amount of money in the bands of indigenous - tankers. They should be asked legally to maintain proper accounts.

The cheques on current account with such bankers should be encouraged and as far as possible arrangement should be made with the Imperial Bank of India for cheques upto a certain amount being accepted at par, and for facilities of accommodation on personal securities, rediscounting of bills purchased by them, and concessions in rate of sale and purchase of demand draft-.

The power to verify signatures similar to that of honorary magistrates should be given to them.

Cannot possibly arrive at an estimate of the actual capital saving. The tendency of hoarding is decreasing and it is not possible to arrive at an estimate of such hoarded wealth. The habits of people are to invest as follows: — (i) Repayments of debts. Very few farmers have money to lend to fellow agriculturists at the rate of 12 per cent, to 15 per cent. Banking and investment habits in India are of slow growth due to the following reasons: — (i) Want of money.

Have you had any money dealings with the cultivators?

I have no personal knowledge about the rate of interest, 2191.

Have you ever lent money to the agriculturist on interest? They cannot recover more than say, 4 per cent, or 5 per cent, per annum. Are small village money-lenders, in a position to keep regular accounts? Is the village money-lender generally a small man or a big man?

Do the agriculturists generally bring, their produce to the market? Is this stipulation common or is it in a few cases? Does he advance money before the produce is brought to the market on the understanding that the produce would be sold through him, or when the produce is brought to the market-? Which of these three ways is most resorted to by the cultivator? What percentage of bad credit loans Washington State the price does "he then get as an advance? Is this practice common 1 —Grain is stored in very few cases, but cotton is generally stored in this way with the commisson agents and" advances are taken by the agriculturists on the security of this com- imodity. If it be made repayable at each harvest, then this loan would be a short term loan and not a long term loan, and the mortgage bank would not serve any useful purpose. Now the question is how to provide facilities for loans re- payable in five or ten years.

Should such a bank as could advance loans for long periods be started or not? A labourer can also get loans sometimes at 12 per cent, or 9 per cent. What is the actual net return on capital at his stipulated rate of interest?

There may be some difference in the rate of interest allowed on current and bad credit loans Washington State fixed deposit? Will you kindly let us know the rates of interest charged on loans advanced on the security of landed property, personal security, wool, produce and ornaments in old times? We want to know whether these rates have decreased or increased?