Unsecured loan

Ravinder Kumar (Querist) 10 August 2017 This query is : Resolved
Is loan on intrest @ 21% pa to an individual in india without lender license is crime if yes under which rule and under what conditions

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Ms.Usha Kapoor (Expert) 11 August 2017
yes!Under section 3 of Money lending Act lending money without license is a crime. Under section 138 of Negotiable Instrument Act such loan is illegal and unenforceable.

Ms.Usha Kapoor (Expert) 11 August 2017
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Sudhir Kumar, Advocate (Expert) 11 August 2017
please give facts.

R.K Nanda (Expert) 11 August 2017
agree with reply of Ms.Usha Kapoor.

Guest (Expert) 11 August 2017
Not a crime by an individual, if money lending is not his business.
For appropriate solution, you should have come with full facts and the background of the problem, if you really have. Otherwise, yours is merely a half constructed academic query.

P. Venu (Expert) 11 August 2017
Yes, post the complete facts.

Rajendra K Goyal (Expert) 11 August 2017
Academic query.

State material facts of the problem if any.

How are you concerned / related with the query?

Looks like examination question.

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