We are section 25 company (NGO). We are giving scholarship to students. The 50% of scholarship is treated as loan to the student @ 6% interest p.a. and another 50% is non-recoverable.
In the above scenario, I would like to know:
1. Is there any provision under NBFC which attracts the rate of interest charged on such loan?
2. Is there any provision under RBI Act, 1934 related to this query?
3. Any other Act applies to us and which section of such Act?
Please anybody can answer this query, it will be a greate help.