Money lending business

Praveen Maniyar (Querist) 01 November 2012 This query is : Resolved
I WANT TO START THE MONEY LENDING BUSINESS IN MUMBAI. I WILL OBTAIN A MONEY LENDING LICENCE. CAN ANYONE EXPLAIN ME THAT THE MAXIMUM TENURE FOR WHICH THE LOAN CAN BE GIVEN. FURTHER CAN I TAKE THE REPAYMENT ON EMI BASIS.

Follow Query

Report Abuse

Dr J C Vashista (Expert) 02 November 2012
The tenure of loan, rate of interest, default in repayment,mode of recovery of the outstanding amount, settlement of disputes etc. are to be settled in writing with prospective borrowers, in advance.

Devajyoti Barman (Expert) 02 November 2012
This would be nothing but an agreement to be decided between you and the customer.

V R SHROFF (Expert) 02 November 2012
Yes, it is ur contract with ur customer.
Limitation period of 3 years is mandatory.

ajay sethi (Expert) 02 November 2012
better get terms and conditions for laon drafted by a lawyer

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries