Bank Loan Need Advice

[User_4981ec1e]

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User_4981ec1e
PARTICIPANT
February 14, 2025 at 3:38 pm

My mom took a loan amount of 11 lakhs from Co-operative bank 7 years ago and it has increased to 35 lakhs now,is this even valid,need advice

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[User_ef1351b1]

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User_ef1351b1
PARTICIPANT
February 14, 2025 at 4:12 pm

More details needed. Did your mom pay the EMI.What is the principle outstanding. Tenure and roi.

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[User_4981ec1e]

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User_4981ec1e
OP
February 14, 2025 at 4:15 pm

mom has paid only a few amount,i dont have much idea about it,they were charging interest at a rate of 16% is this valid?

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[User_ef1351b1]

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User_ef1351b1
PARTICIPANT
February 14, 2025 at 4:58 pm

Valid.16% may be an unsecured loan(personal loan).Most probably will reflect in the CIBIL score also. Visit the bank to get the SOA and loan details and settle the money.

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[User_4981ec1e]

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User_4981ec1e
OP
February 14, 2025 at 5:03 pm

the loan was given against collateral

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[User_ef1351b1]

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User_ef1351b1
PARTICIPANT
February 15, 2025 at 6:31 am

Cooperative bank + secured loan + high interest -> something doesn’t add up. Either you can negotiate and settle the loan or restructure it and pay the loan. Any specific reason not to pay the EMI?

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[Urbanwolf2400]

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Urbanwolf2400
PARTICIPANT
February 14, 2025 at 6:29 pm

If you take a loan and then don’t pay back the emis, this will happen. But, 16% is too high a percentage for a secured loan. Try renegotiating and start paying emi.

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