What happens if you do not pay on time the loan of banks and finances ?

Sep Wed 2022 01:30:33

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What happens if you do not pay on time the loan of banks and finances ?

Kathmandu. Recently, the topic of cooperatives has been discussed in the market. Some co-operatives are in the news for being problematic, while some co-operatives are in the news for running against the policy and rules. Cooperatives who are in trouble are saying that the organization is in trouble because the money taken by the borrowers is not returned on time. Here we have mentioned what happens if the loan is not paid on time.

What happens if the loan is not paid on time?

 1) Interest keeps increasing. The amount to be paid continues to increase. Cost increases.

2) Bhakha exceeds. Get into bad debt.

3) There is a discussion in the committee and the staff, monitoring increases.

4) Blacklisted. The list of cooperatives must be made public.

5) The view of the neighborhood and people around is not good.

6) Other than co-operatives, no one gives loans without collateral. If you don't pay the loan once, life is not going to end. Cooperative organizations are needed to avoid difficulties in doing business again. The day will come when you will have to take a loan from the cooperative again.

7) You have to set aside money for credit risk from the profit earned by trading with other members. As a result, the profit of the organization decreases and the member's bonus decreases.

8) Cooperatives invest the funds through members' savings. The money invested by the cooperative belongs to you and all of us. If we do not pay the loan of the cooperative, we may also face difficulties.

9) There are quarrels in the family. It will affect your children.

10) So far the borrowed money has not been withdrawn anywhere. Let's not fall under the illusion that the loan will be waived.

11) Thousands of members have progressed by doing business by taking loans from cooperatives. You should also go towards becoming an entrepreneur. If you want to tell your problems to the employees of the cooperative, the employees of the cooperative will be your well-wishers. They will definitely help you.

12) Pay the loan on time. There is no other option but to regret after the passage of time.