Kumar 04 March 2018
Whats the Penalty for Money Lending business without a license? Is the difference in a penalty to the dfferent state? Can you share me the link where can someone find all the details of money lending penalty for a different state?
How to obtain a license for money lending as an individual?
Harshita Manglani (student) 04 March 2018
In Maharashtra, There are Money Lending Rules and Regulations of 2014 which prescribe procedure for registration of license for money Lending. There is proforma Form which you will have fill up and submit to the Competent Authority along with necessary Documents. Good Character Certificate from Police station is necessary for obtaining the license.
Aryan Khanna 06 March 2018
The Money Lending Act prohibit from charging interest rate more than 21% for unsecure loans for non-agri people and 18% for secured loans for non-agri people the % for agri is 12% and 15% respectively. But for peer to peer lending, due to lack of regulation as of now, the max interest I see that has been charged in 36% on reducing principle. The loan rate as per Money lending is simple interest.
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