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Loans that have a fixed time of interest pay...aren't those illegal? (lemmy.ml)

submitted 3 months ago* (last edited 3 months ago) by [email protected] to c/[email protected]

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I just learnt about this recently. My parents are paying an EMI loan that apparently can't be paid in full till the end of a particular time-period. As in, even if you pay all the amount beforehand, you'll still have to continue paying till the end of the year, and only after the end of the specified time period, can you pay in full, and expect that the loan be paid.

I...really don't understand why my parents should have to pay excessive interests to the banks. This particular bank, without the consent of my parents, extended the payment duration by three more years during the COVID period by three years, and this would be the last year, that's what my mother told me. Like, what the fuck? Please, someone explain me what is going on.

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[–] [email protected] 4 points 3 months ago

That's totally normal, most car loans operate this way.