Section 7 in The Rajasthan Land Development Corporation (Special Loan) Regulations, 1978
7. Rate of Interest.
- (i) The rate of interest to be charged from the ineligible farmers for the present shall be 13% and should not be, at any time, less than 1 per cent and more than 4 per cent over the rate of interest ordinarily charged by financing banks to eligible farmers and for which A.R.D.C. refinance assistance is available.(ii)In the event the expenditure of the Corporation on disbursements and recoveries of this loan exceeds a margin of 2- ½% available to it at. present, the Corporation shall have a right to increase the rate of interest within the limits mentioned herein above.(iii)Interest shall be charged from the date of commencement of work:Provided that the Corporation in its discretion may waive part or whole of the additional interest for such reasons (to be recorded in writing) as may be deemed proper by the Corporation in view of the special circumstances of each case.
