Loan principal amount is 65k but lender charges interest and asking me to pay 1lak in 2 shot but my salary is 30k per month.
Recovery agent asking me to pay 1lac and threatened me that will file criminal case.
Can lender ask me to pay more than my salary? Is there any rules for this where I can defend with lenders with law
Ans: Hi Vivek,
Loan is provided at an specified interest rate and for a specified tenure (years/months) and these depend on the type of Loan you have taken e.g. Personal Loan, Home Loan etc. This determines the monthly installment that is required to be paid by you for the tenure agreed.
As you have mentioned Principal amount is 65K and now the Lender is asking to pay 1 Lac - this must include the interest due on the principal amount.
As you have not mentioned type of loan, the interest rate and the duration of this loan, its difficult to understand the terms of the loan and whether you have defaulted on it. Loan payments usually take into account the income and repayment capacity of individual.
Suggest you approach the Lender and discuss the terms and agree on a plan for repayment which is acceptable for both.
Please understand that if you default on a loan payment, the credit score gets impacted.
Regards
Janak Patel
Certified Financial Planner.
