Now I am sitting in this office to release 59.1 gram ornament to the broker and will renew 30.7 gram ornament for next 90 days. Today per gram gold loan rate is INR 1975. And my loan was sanction @ INR 2084 per gram 83 days ago and the rate of interest was @ 2% on 30 days.
Right now I have no fund if I go to renew the entire pledged ornaments, so decided to release two third portion. The advantage will be taking the broker because he will not pay the actual market rate to me. He will pay me 31% reduced rate of the market rate.
I have seen that people who is Engaged in money lending business as a non registered lender, make huge profit on the basis of financial weakness of the borrower.
And here at this point I am his prey due to insolvency. Individual has no soil to correct the loan agreement and no choice of repledge. The noble programme is reserved for top notch affluent persons.