Question ID: 24142
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As salaamu alaikum Muftisab – We are looking at opening an eatary but hv fallen short of funds we approached Muslim Co-Op Bank for funding but were told that they also operate as per the RBI rules as they are bnound by it and hence interest is applicable but we can settle the loan as soon as we want with out attracting any closure charges and also the interest payable will be applicble only on the monthly balance remaining. Please advise if this is accptble or there are any conditions we need to ask the bank.

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Asked on May 20, 2011 12:43 pm
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Transact in the following manner. Ask for one figure from the bank which must state you owe them x amount, payable over so many years without increase and there be a option of settlement.
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Answered on May 20, 2011 12:43 pm