This is such a sin
How does a bank give some1 who is on a grade 6 salary a 400k loan. When I inquired I was told my friend works for the bank.
Wonder if the bank knows tht this is being practiced and how do they recover monies if the person should loose there job or will they just make them slaves 4 the rest of there lives/?????
SHAME
The current financial crisis was initiated by irresponsible lending, the banks need to take on the responsibility of checking any loan applicants ability to repay.
the statment "Wonder if the bank knows.. how do they recover monies if the person should loose there job.." is a bit naive (not to say stupid).. like, hello, what could be the answer to this question? "NO! Bank has never considered such situation" ?? or what?
and what exactly is a SIN here? I think it's a sin to poke your nose in someone's life..
FS, why do you assume that other source of income is necessary illegal?
why do you guys judge someone, if you don't know his/her situation? Decision of giving a loan is not taken by only 1 person in the bank. the application has to pass through few authorized persons before the final decision is taken.
Actually not irking me at all nd look and look again all the ?????????
twuts
he got the loan....why does it concern you, unless you want to take a similar amount.
leave it to the bank to deal with it.
Maybe he is having someother (illegal) source of income!! which you are not aware of...
Usually, the bank is going to give you amaximum amount of loan based on your gross salary minus your monthly liabilities (constant) such as house rent and car loan if there is any.
The monthly installments will be based on the number of years which is maximum of up to 4 years as per the new law.
Agreed with nomercy,
Bank will give you whatever amount... But if any one required they can avail such a huge amount.it is not a gift, need to repay.
Simply No one can avail such a big amount unless person should meet the requirement.
Conventional Bank will recover loan from the defoult customer by insurance,End of service benifits, ect.
Their is no way to avoid repayment at anycost unless the bank may waive the interest due to situation or case to case base.
Permanant Disability can waive the Loan ,Incase of death Loan will be fully waived.
"Given Loan and Taking Loan is no matter. But repayment is your Headache. DONT TAKE IT."
report to central bank :)
How does somebody want to take a loan that large..knowing very well what it takes to pay it off...