Legal Question in Credit and Debt Law in India

Emi

I thank answers to my question on �loan� from Attorneys Sudarshan Goel and Rohit. I had made known of a case in consumer forum in my question. That was on EMIs for a short period of 24 or 36 months. In an application for Rs 20,00,000 loan on property ( a flat) Citi Financial had advised my daughter an EMI of

Rs 28000 for 180 months will be a tentative one. The net collection in this case will be more than double of the money advanced. Such may be alarming but the tenure fixed for return being 15 years it appears such calculations leading to Rs 28000 EMI may be born without grudge. Is Ministry of finance leave alone on state owned institutions lending money can have a say in the rate of interest the Ltd companies floats on arrival at EMI shape? Is competition allowed in this field?


Asked on 7/11/09, 12:30 pm

2 Answers from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Emi

Yes.

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Answered on 7/11/09, 1:55 pm
Rohini Kumar Tenneti R.K.1080 LEGAL SERVICES

Re: Emi

I hope your query does not contemaplate any legal issue but still the answer is yes,the competition is allowed adhered to RBI rulings with regrad to home loans.The rulings have been differently framed for other sorts of loans.To answer your query is time and space consuming and this is not the right forum for that.

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Answered on 7/13/09, 3:27 am


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