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CBSE - X - Economics - Money and Credit

wt is prompt repayment??

Asked by Sameekshya Padhi 25th February 2015, 7:46 PM
Answered by Expert

Answer:

Prompt payment is very important to the cash flow of every business within the supply chain. Not only timeliness of payment, though fast payment is also good for business. It enables business to plan both for their short and long term futures. In rural areas, the main demand for credit is for crop production. Farmers usually take loans at the beginning of the season and repay the loan after harvest. Repayment of the loan is dependent on the income from farming. If the farmer repays the loan amount within the stipulated period, it is called prompt payment. 

Answered by Expert 26th February 2015, 9:30 AM

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