KD 23 January 2017

Do I require nbfc license for commercial Vehcile finance

Hello Members. I have simple querry that I am running a finance company under proprietorship whose capital invested in finance is through my own income, i finance to people who come to me voluntarily. My Hypothecation is endorsed on registeration certificate and for which I have valid and active trade license from regional transport authority. (In short I am private player) Do I need any legal documents as my turnover is below 50 lac, like do I need to form NBFC? Or I can keep on doing Hypothecation/finance business. My rate of interest is 13-20%. Kindly reply. THANKS

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Originally posted by : KD
	Hello Members. I have simple querry that I am running a finance company under proprietorship whose capital invested in finance is through my own income, i finance to people who come to me voluntarily. My Hypothecation is endorsed on registeration certificate and for which I have valid and active trade license from regional transport authority. (In short I am private player) Do I need any legal documents as my turnover is below 50 lac, like do I need to form NBFC? Or I can keep on doing Hypothecation/finance business. My rate of interest is 13-20%. Kindly reply. THANKS