What is the rate of interest to be collected

vijayalakshmi (Querist) 11 August 2017 This query is : Resolved
i registered as money lender. what is the rate of interest will be collected from borrowers . if it could be a flat interest? & how can i take action against defaulters legally.

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Ms.Usha Kapoor (Expert) 12 August 2017
Maximum interest any money lender can collect is 12% under money lender Act or in this business.

Ms.Usha Kapoor (Expert) 12 August 2017
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Advocate Suneel Moudgil (Expert) 12 August 2017
you can put arbitration clause in loan agreement document

Ms.Usha Kapoor (Expert) 12 August 2017
Or you can go to small causes court of law which is civil.

Rajendra K Goyal (Expert) 12 August 2017
Rate of interest is with mutual consent and agreement.

Extraordinary high rate of interest may create troubles.

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