Oct 3, 2020
My part time helping hand (Su) at home (loosely called maid servant) gives me various occasions to think about my education and position.
Loan issue
In the last week of Sept 2020 she came early so that she can go to a cooperative bank in Ghaziabad. She told me that three ladies are taking loans of 40000/ each (1.5lakh) together @ 12% per annum. For 40000 she was required to pay around 2000/month for 24 months. She had another loan from another bank where for Rs 50000 she was paying 2600/month for 25 months. From Banks she was paying Rs 1.20 for a rupee while the private person was charging Rs 5/ for a rupee. She also took a loan of Rs 50000/ from one private person (who does the business of loans at an exorbitant rate of interest). She was required to pay Rs 5000/month which was only interest. Such persons are very well established in our system in rural as well as urban poors. They are often called Soodkhor. (Sood-interest, khor-one who eats). To avoid this exploitative loan, she tried for a cooperative bank. For this she had to go to Ghaziabad. Next day she could not come because the bank work was not completed. We are so dependent that one day off for such a helping hand makes our lives little haphazard.
In Oct first week, 2020 on my inquiry she informed me that the loan jointly granted to three ladies was cancelled because one of the ladies has withdrawn as she is getting a loan from another place.
Now she is again back to square one.
A loan at normal rate is her immediate need so that she can get her own house repaired. Her father in law has caused a partition and distributed property among heirs. Now joint property is partitioned. The property needs a wall of separation, separate kitchen, bathroom etc.
To support her is a part of legal aid. I talked to a friend in my society whose wife is a bank manager somewhere. He assured me to help and referred me to OBC bank (now PNB)bank near our residential society. Su informed me that her husband has a bank account in the same bank. She will try.
Let us see what happens.
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