Wednesday, November 30, 2022
HomeDigit NewsArbitrariness of Instant Loan Apps! Up to 200% interest being charged...

Arbitrariness of Instant Loan Apps! Up to 200% interest being charged from people, revealed in the survey

Instant Loan Apps: Due to Corona Pandemic, people’s lives have completely changed. In the last two years, crores of people lost their jobs and people had to face a huge financial crisis. Due to this many illegal instant loan apps have taken advantage of this compulsion of the people. Many people have taken loans at very high interest rates through these apps in this situation of financial crisis. A survey conducted on these instant loan apps has revealed that in the last two years, about 14 percent of Indians have taken loans through these apps. People taking loans have given more than 25 percent interest to these apps.

It has been found in the survey that 54 percent of the people have paid more than 25 percent interest on the loan taken through this app. Along with this, coercion has been done in the name of recovering loans from them. More than 27,500 people from 409 districts are included in this survey. It includes people from both urban and rural areas.

Up to 200 percent interest from people
With this, 26 percent of the people surveyed said that they have been charged an interest rate of about 10 to 25 percent by these loan apps. At the same time, a total of 16 percent people said that more than 200 percent were recovered from them in the name of interest. It was found in the survey that a friend or close relative of a total of 14 percent of the people has fallen into the trap of these debts. It has been found from the survey that most of the loan apps have been created during the corona epidemic. In these apps, 30 to 60 percent interest has been charged on loans ranging from Rs 3,000 to 5,000.

Most loan apps are illegal
Recently, while telling about this app, RBI Governor Shaktikanta Das asked people to be cautious with these apps. He had told that most of these apps are illegal and are not registered with RBI. In such a situation, people should make their complaint to the police. Along with this, the RBI governor had also advised people to stay away from these apps.

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