Title: Personal Loan from Bank

Question: I have taken 5 lac bank loan from conventional bank on 36 monthly installments. According to contract I have to repay 5 lac and 60 thousands. I have come to know that 60 thousand is interest which is haram. I have used this money to buy car which is in my personal use. My salary is not enough to get car without loan. Kindly advise me best way out of this sinful deal.

Answer ID: 155671Posted on: Sep 1, 2020

Bismillah hir-Rahman nir-Rahim !

(Fatwa: 129/85/SN=2/1439)

As it is haram to take interest in the same way it is also haram to pay interest. You did an unlawful act by taking interest based loan. However, let gone by gone. Do taubah seriously. Try to pay the installments as soon as possible. If a man does true and genuine taubah Allah forgives his sin no matter how big is it.

التائب من الذنب كمن لا ذنب له (ابن ماجه: 4250)

The one who repents from sin is like one who did not commit it.