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Borrowed a loan for 300% ROI and lender suit to file a complaint.
11-Jun-2025 (In Recovery Law)
I have borrowed 80k of amount from my friend without any surutey and paper. For borrowed amount I have paid almost 2 lakhs of rupees as an interest and even now they are forcing me to pay of 20k per month of 10 months is it right way to give and take the loan like I here give an example if you borrow ₹ 100 means in the next month need pay of ₹125 in that 100 is principle and 25 charged as an it and it leads to almost 300% of ROI and now mentioned that they will file a case against on me.
Immediately stop paying excessive interest. You have already paid 2 lakhs on an 80K loan. That's more than 250% interest grossly illegal. You are not legally obligated to keep paying. You already paid interest for exceeds the borrowed amount. The pressure and threats are illegal. You can file a non cognizable complaint for illegal money lending, mental harassment. Keep records of all payments made by you. You have strong legal Grounds to refuse further payments, especially given the illegal interest and lack of documentation. Protect Yourself by documenting all interactions.
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Adv. Pavani Kumari
Guntur | 400+ Answers
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