Adverse economic conditions lead to loan default
Recently a newspaper had the news of auctions being conducted by a bank to sell off the assets of the customers who had taken bank loans and were unable to repay the loans. Due to mining ban and other restrictions, economic conditions in the area are adversely affected, so many people do not have the funds to repay the home loan or other loan.
The assets for auction included printing presses, vehicles, homes and offices. Usually the price of the assets sold at the bank auction will be usually far lower than the market value, as few people will attend the auction.
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