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ORIGINAL ARTICLE
Borrowing and repayment hardships: evidences from farmers in Haryana
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1
Department of Economics, Chaudhary Devi Lal University, Sirsa, India
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Department of Economics, Chaudhary Ranbir Singh University, Jind, India
CORRESPONDING AUTHOR
Babloo Jakhar   

Department of Economics, Chaudhary Devi Lal University, Sirsa, Barnala Road, Sirsa, 125055, Sirsa, India
Submission date: 2022-08-18
Acceptance date: 2022-08-26
Online publication date: 2022-12-29
Publication date: 2022-12-29
 
Economic and Regional Studies 2022;15(4):562–580
 
KEYWORDS
JEL CLASSIFICATION CODES
Q14
P32
 
TOPICS
ABSTRACT
Subject and purpose of work: The paper focuses on the problems faced by farmers in obtaining and repaying loans from institutional and non-institutional sources. Materials and methods: The study was conducted in Haryana state, India. It was based on a field survey involving 600 farmers. Proportionate sampling technique was employed and pre- tested schedules were filled during vis-a-vis interviews. Results: The findings of the study highlight main problems faced by farmers in acquiring and repaying loans. They include: no loan without security, ambiguous terms and conditions, the time-consuming procedure of granting loans, not farmer friendly bank officials, and the request for bribes. In the case of non-institutional sources, main problems include: lack of security, deterioration of social status, and hesitation in mortgaging agricultural land. Furthermore, low price of agricultural produce, crop failure, and the high-interest rates charged by non-institutional sources were major constraints in the timely repayment of loan amounts. Conclusions: Several constraints existed in granting loans to farmers. Government should support and provide hassle free loans to farmers.
 
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