no mention of interest in promisory note

aishwarya vucha (Querist) 22 March 2019 This query is : Resolved
sir my friend ritu took loan of rs 1 lakh from geeta but in promissory note it is mentioned that ritu shall repay back rs 1 lakh to geeta . SILENT ABOUT INTEREST and no mention of it . now geeta is claiming interest . her contention is there is no express mention that " no interest will be charged " in note so is it deemed that interest payable

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SHIRISH PAWAR, 7738990900 (Expert) 22 March 2019
If interest payable is not mentioned in that case the borrower is not liable to pay the same.

Hemant Agarwal (Expert) 22 March 2019
1. IF it is a properly stamped "promissory note" AND "IF" interest rate is not mentioned, THEN the prevailing Bank Fixed Deposit Interest rate is payable.

Keep Smiling .... Hemant Agarwal
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kavksatyanarayana (Expert) 22 March 2019
I think there are two proforma for Promissory Note i.e. 1. without interest and 2. With interest under N.I. Act. so if in the promissory note the interest is noted ritu shall pay the interest. otherwise no interest be paid.