Talking to reporters, Khadse said that Maharashtra's current debt is Rs 3.85 lakh crore and Rs 24,000 crore is needed to pay annual interest.
"If loans are completely waived off, the government will need another Rs 24,000 crore," he said, adding that the previous experience of loan waiver was not good.
"Genuine and needy farmers were left out and rich landlords got waiver from banks to the tune of Rs 50 lakh," he said, alleging that banks headed by Congress and Nationalist Congress Party (NCP) leaders which were deep in corrupt practices, had used the loan waiver to improve their poor financial condition.