Question

How will it affect people who have taken loans from banks and money lenders and other sources?

Answer 1

Question:

How will it affect people who have taken loans from banks and money lenders and other sources?

Answer:

• Landlords and other sources charge a higher rate of interest

• The poor families do not approach the bank as the bank asks for the security i.e some assert like a piece of land etc.

• This security can't be provided by the poor families so they go to the village money lender.

• In case the borrowers failed to repay the loan amount taken by them from the bank then the banks have full right to repossess the collateral of the concerned person

• And in case if a person have the account with the same bank, then the bank has right to grab or seize the account of the borrower.