Legal Question in Credit and Debt Law in India

Hi my name is Mithlesh Sharma

My husband took a loan from a private company By the name of Vintage Finance

he never took a loan before and while taking a Loan he was been given a very high rate of interest which is 19% on the loan amount taken which was 2.5 Lakh.

because of the urgency of the money we had to take it . I was working at that time ,After some time i was blessed with the baby because of which i had to stop working and my husband is the only one who is earning in the family of 6 people and we are not able to pay the entire amount with interest because paying 19 % interest per year(24 months the loan Duration) on that amount is not possible for us and now they are harassing my Guarantor and me as well on the call and saying that they will file a case.

What options that i have.


Asked on 7/26/17, 10:53 am

1 Answer from Attorneys

Don't worry. The rate of interest is very high and against public policy which they will not get in court. You will to pay loan with some concessions towards interest which shall be at prevailing bank rate. Let them file case where you can negotiate to pay in instalment by the intervention of court.

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Answered on 7/26/17, 6:21 pm


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