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Can a person give interest free loans to poor and needy?

Querist : Anonymous (Querist) 22 July 2017 This query is : Resolved 
One of my friend who is financially well settled is planning to give interest free micro loans to poor and needy in our locality from part of his savings. He is considering this as a social service and charity. So he don't want any return from it. He also planning to collect more funds from similar minded people to give out more interest free loans to needy persons. Here is my concerns;
1. Is it legal to provide interest free loans to others who are not relatives or friends?
2. Can he collect funds from others and distribute interest free micro loans?
Guest (Expert) 22 July 2017
Legally there would be no issues but seek the consent of good auditors locally
Querist : Anonymous (Querist) 22 July 2017
Thank Your Mr. N.J.S. Rajkumar for your prompt reply.
Other experts opinion also welcomed.
Kumar Doab (Expert) 22 July 2017
Pls post with your ID.................and you shall get many replies....
Dr J C Vashista (Expert) 23 July 2017
Advancing of loan to poor and needy, without interest and that too by an anonymous author, it is strange????
Guest (Expert) 23 July 2017
Welcome Please...............
Rajendra K Goyal (Expert) 23 July 2017
No reply to query from an author who is anonymous.

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