Loan From Microfinance
2 years ago
Hello Ma'am / Sir,
My mother had taken loans from Microfinance under the woman group loan. She has taken loans in her name and in the name of some women who are associated with the group loan. There was a mutual commitment between the woman and my mother that my mother will repay their loan amount as she has taken the money. Everything was running smoothly, but the problem started arising when she was unable to arrange the weekly payment to the centers due to a financial crisis and then she started borrowing weekly amounts from two individual women to repay her weekly loans. Since last one year she i,e, from march, 2020 my mother completely stopped payments due to the first Lockdown in India. Now the Microfinance centers are giving pressure to the group women and to my mother also. My mother requested that all centers repay her and all women's loans that she had taken. But the center is not giving time. The two private money lenders are also giving pressure to my mother.
Thank You !
Sidhaarth
Responded 2 years ago
You can try to reach out to the centers and request them to extend the period of credit. Most of the microfinance entities are submerged in indebtedness as of now and are trying to recover money from any given source.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
You may consult any financial agent who can guide you on how to repay the outstanding amount. You may also have to reach out to your creditors and work out a negotiation as to extending the date of repayment.
If you find my answer helpful then kindly rate me.
It is universal known factor that in this Covid situation no body having income to repay the loans. Become thick skinned and just neglect their calls.