I moved back to India after almost a decade in the U.S., and so have a significant amount of money in INR (converted U.S. assets to INR). I’ve seen people take out private loans, mainly for sending kids for bachelors/masters in the U.S. People who take these loans generally don’t qualify for loans from banks. These typically have higher interest rates than banks too, and easy to make a quick buck. Has anyone tried this? What are the regulatory requirements I need to be aware of? TC 75 LPA
Don’t do that. One of my friend did this and took home documents collateral and has almost close to 20 lakh rupees in market. He is not able to recover it as the one who took the loan are saying we will put reports of his home documents stolen if they ask for money. He finally had to return the documents without money.
Don’t do this on your own
Not a great idea, but if you are doing it, get signed cheques as that is the only hold on debtors in India, as cheque bouncing is a criminal offence compared to non repayment of debt which is only a civil matter. Unless you are going for usurious rates, investing in bonds would be better for a slightly lower rate but without the hassle of money lending.
Good luck recovering your money.
There are guys for that 😂
You watch a lot of movies