i took a personal loan of Rs 2,00,000 from jan nidhi Limited, Dehradun. the loan time period was 18 months, they told the loan interest rate will be 1.5% per month verbally. the rate of interest wasn't mentioned in the documents. the first installment they i paid by cheque of Rs 16445 by cheque.
after the period of loan the total amount was paid 2,19,000. i offered them to repaying the lumpsum amount of Rs 40,000 and asked for NOC. In the end they said they are charging 27% interest annually. i refused to pay amount with this rate of interest. they sent some notice also in my house. please give some advice.
if the rate of interest isn't mentioned in the loan documents, how much nidhi company can charge rate of interest on 2lakh loan ?
how should i get over of this loan ?