Man borrows ₹1.7 cr from moneylender, ends up having to repay ₹146 cr

A Singapore man, who borrowed S$250,000 (₹1.7 crore) from a moneylending company, ended up having to repay nearly S$21 million (₹146 crore), The Straits Times reported. The loan carried an interest rate of 4% per month, a late payment interest of 8% per month and a late payment processing fee. These charges shot the loan amount up to S$21 million.