Yes, you can get a loan upto one lakh ruppes at the Compound Interest of 20%p.a.
He gives all the details asked by the bank manager.
I want to get a loan of 100000 Ruppes for 1 year
Ok first we have to get some of your details like of your Aadhar Card NO etc.
He takes the loan amount and goes back home.
Here take my Aadhar Card, Voter ID, passport , Driving License, ration Card, Utility Bills, bank Account statement and Salary Slips.
Thanks for the loan i will come after 1 year and return the money with 20% percent compound interest per annum.
I have checked all your details . They are correct here take your 100000 ruppees.pls return the loan amount after 1 year with interest
Thanks. give me a minute let me check it
After 1 year he gets ready for giving the loan amount with interest
Oh! 1 year is over I have to go and return the loan amount with interest of 20% per annum.
So 20% percent compound interest for 100000 is 20000.So i need to take 120000 and go to the bank.
He enters the bank and gives the loan amount to the manager.
Hello I am Xavier. I am here to return my loan amount.
Oh hello let me check the loan list . Yes you had taken 1 lakh loan for 1 year at 20% percent per annum .So now you need to pay 1 lakh 20 thousand ruppees.
He leaves the bank after handing over the amount.
Here take the loan amount with interest. You can have a look to check if the amount is correct.
I have taken a look it is the perfect amount. If you want a loan again come to are bank.
Bye. If I would ever need a loan again I will come to your bank.