Sirs,
This is regarding the lack or inadequacy of the laws pertaining to maximum interest chargeable by a Hire-purchase firm (of all type).
I am no legal professional, but a 'concerned Indian' requesting to discuss this issue which make 1000s of middle-class victims, even causing suicides.
The normal reply "You should know what interest is charged, before signing a loan' is quite unsatisfactory to one who is deprived of a the reasonable life standard, which is 'fixed' by society. (I am aware this part is ambiguous).
Howsoever, I found even Limited companies in Hire purchase business charging 24% interest on many pretexts and when questioned fall in line from that date to charge 18% maximum chargeable.
This means those not able to protest or question are subject to pay through their nose, to their doom.
I request a discussion and expert opinions on the inadequacy of this law, failing to fix a binding ceiling, and provision to administer it stringently to cover those majority of common man who are unable to take on with 'Money behemoths' that are charging at will, making this maximum ceiling a joke.
