Here my father is retired and with that amount we want to start a firm through which we can give loan to needy peoples at the rate of National bank or less than that.
so is it legal or how to make it legal?
Can anybody guide.
Hello,
Greetings of the day!
Here's how you can acquire a money lender's license:
Documents required:
1. Form A Application Form
2. Passport size photographs
3. Three specimen signatures of the Applicant or the Nominee
Follow these simple steps:
1. Visit the nearest Tahsildar Office
2. Receive the Application Form from the Tahsildar by paying a nominal fee of Rs. 100/-
3. Fill in the details and required information
4. Submit the Form to the Tahsildar office.
Following factors will be considered before the money lender's license is granted to you:
1. Whether you are competent to run the money lending business
2. Whether your premise is an apt place to run the business
3. Whether granting permission would be in the interest of the public
The License is generally granted within 3-4 months by the Revenue Department from the date of the submission of the Application form.
Hope this helps!
Regards,
Saura Patil
