Abdulshukur Shukur
in Banking Law Commercial Law
Asked July 23, 2017

New loan for a defaulter

  • 1 Answer

I had 5.13 acres land I had took mortgage loan amount 5.85 lac and im diefaulter I want to start with dairy farm with 20 animals if i ask the bank will not provide the loan amount around 25 lakhs how do i apply pl.guide me thanks

Answer 1

Hi, thank you for writing to us.

It is recommended for you to first talk to the Manager of the bank and try to explain your situation. You can approach them with a different outlook and convince them to give you loan on your defaulted mortgage and couple yourself with guarantors who could guarantee you. You must also tell them your proper plan for dairy farm and its profit, if you go ahead with this plan. You can also ask them to increase the interest rate if they do not agree to go with your plan. You can mortgage some other property of yours, it will strengthen your stance. 

Or you can rent out your animals for initial stages to raise your income and when you are better off, you can start up with your own dairy farm and also seek loan from the bank. It is highly not recommended to seek help from brokers because it is very dangerous, so it is suggestive for you to raise income first, if you cannot convince bank to give you loan, and then start up your business. There are lots of other options which can help you raise income for this, you can also search online where you can fit easily and earn more income. 

Hope this response helps you. Please, write to us for further queries. 

Agree Comment 0 Agrees over 4 years ago

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