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    Home » Personal Loans: Man fakes death to dodge ₹1.40 crore debt — 5 lessons to avoid a debt trap
    World Economy

    Personal Loans: Man fakes death to dodge ₹1.40 crore debt — 5 lessons to avoid a debt trap

    morshediBy morshediSeptember 20, 2025No Comments3 Mins Read
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    Personal Loans: Man fakes death to dodge ₹1.40 crore debt — 5 lessons to avoid a debt trap
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    Private mortgage: Are you able to think about a mortgage turning into so monumental {that a} borrower would possibly take into account taking his personal life to keep away from reimbursement and even go as far as to pretend his dying?

    One thing like this occurred in Madhya Pradesh’s Rajgarh district, the place a person faked his personal dying to evade ₹1.40 crore in loans. He reportedly sank his automotive within the Kalisindh River to create the impression that he had died.

    However the rescue mission did not hint his physique. Lastly, when he was traced to Maharashtra, he confessed that he did this to get the loans waived off primarily based on proof of dying.

    That is fairly a weird and unusual case. This teaches us quite a few cash classes. 

    Cash classes one can be taught to keep away from a debt lure

    I. Loans as much as a sure threshold: It’s not advisable to take a mortgage past some extent. Usually, one shouldn’t take a mortgage that results in an EMI equal to over 50 per cent of 1’s month-to-month wage.

    II. Refinancing is an choice: Another choice is to go for refinancing. This implies rolling over the mortgage future. Whenever you roll over in future, your EMI burden reduces.

    III. Converse to the lender: At instances, it’s higher to talk to the lender to request pausing the EMI. The lender could even flip down the request, however not all the time.

    IV. Decrease rate of interest: Typically, you would go for migrating the mortgage from one lender to a different which prices a lower rate of interest. This additionally results in a decrease EMI.

    V. Class of mortgage/ lender: Totally different classes of loans and lenders cost completely different rates of interest. As an illustration, the curiosity on a private mortgage is greater than that on a enterprise mortgage, and banks cost a decrease charge of curiosity than NBFCs. Due to this fact, it is strongly recommended to decide on the appropriate mortgage class and lender to maintain the EMIs decrease.

    Disclaimer: Mint has a tie-up with fintechs for offering credit score, you have to to share your data when you apply. These tie-ups don’t affect our editorial content material. This text solely intends to coach and unfold consciousness about credit score wants like loans, bank cards and credit score rating. Mint doesn’t promote or encourage taking credit score because it comes with a set of dangers reminiscent of excessive rates of interest, hidden prices, and so on. We advise buyers to debate with licensed consultants earlier than taking any credit score.

    For all private finance updates, go to here



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