Bank gave me much higher loan than I am eligible for – Now how to pay high EMI ?

POSTED BY thiruplaza ON August 29, 2014 9:25 am ONE COMMENT

Dear Sir, I have availed a rental loan from a public sector bank. On bank side they made a wrong calculation and sanctioned me 40 lakh loan on behalf of my eligibility 25 lakh. Now bank ask to pay EMI Rs 76,000 where my rent receivables is only 50,000. I request the manager to extent the tenure. But he forces to pay 26,000 extra from my pocket. Its a fact that I didn’t have enough money right now. Kindly advise me.

Regards

Dr.Raja

One reply on this article “Bank gave me much higher loan than I am eligible for – Now how to pay high EMI ?”

  1. Lokesh Jain says:

    Hi Dr Raja,

    I have a few questions for u.
    1. In case they sanctioned you a higher amount, why did u take it. You could have opted for only the amount required by you (i.e. Rs. 25 lakhs).

    2. In case you have received Rs. 15 lakhs extra, where is that money. Is it lying in your bank account. If yes, you can create a fixed deposit for that amount that will give you atleast Rs. 10,000 extra per month.

    3. Why not invest that money in your own business which can give extra income to cover that extra Rs. 26,000.

    Think and take your step ahead.

    Regards,

    LJ

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