Thinking of Taking a Loan? Think Twice!

Getting a loan for almost anything is just a phone call away and that is why you need to be extra careful while even thinking about it, you might just end up paying for it with your life.

Even after the Supreme Court has directed banks not to resort to bully tactics for loan recovery, this does not seem to have any affect on them. Every now and then we hear about people taking the extreme step to get freedom from bank recovery agents.

If the banks do not follow the Supreme Court directive then there is pretty much nothing to stop them from doing just about anything they please to fork out money from you.

Below is an article taken from HT

Hounded by loan sharks, man kills himself

Aurangabad: A BANK branch manager and his colleague were booked for allegedly harassing a customer, and eventually driving him to end his life, the police said on Sunday.

Rangnath Mahapure, 40, committed suicide by consuming poison after he was harassed and abused by the bank officials, his wife Ranjana said in her complaint. According to the complaint, Rangnath had taken a loan from HDFC Bank to purchase a motorcycle. However, when he failed to pay installments for the last four months, the bank seized the bike. Later, when Rangnath went to the bank to repay the pending installments, he was abused by the officials and shown the door. He was also told he now had to pay the entire remaining amount in one go.

The police have registered a case against the branch manager and one his oncers.

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