EMI crisis creeping up on borrowers
The spike in auto-debit failures suggest that the pain may have only just begun for India’s small borrowers
With mandatory EMI repayments kicking in since September, many feel the available recast options and a waiver of compound interest are not sufficient. India may be staring at a loan crisis
MUMBAI : For someone who had never defaulted on any loans before March this year, Monica Keerthi Karri gets quite harried at the mention of loan recovery agents. The 32-year-old teacher from Visakhapatnam lost her job and income when covid-19 struck and has been warding off recovery agents ever since.