Moneylending problem

yugdeep narwat (Querist) 12 January 2012 This query is : Resolved
For my marriage, i took a loan of 5 lakhs from a moneylender and he is charging me 24p.c. per annum.
Now that loan seems excessive to me.
is there anything i can do to free myself from him charging me so high a interest?
is it possible for me to transfer my loan from a moneylender to a bank??
kindly anybody pls help.....

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Shonee Kapoor (Expert) 12 January 2012
You can raise a loan from bank and repay the moneylender.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

Devajyoti Barman (Expert) 12 January 2012
Yes, the private money lender is nothing but a 'vicious debt trap'.

Raj Kumar Makkad (Expert) 13 January 2012
Apart from the advice given by experts, you can deny to repay and in that situation he shall go to court wherein you may raise various legal objections like his license, rate of interest charged or chargeable and so on. Courts generally provide interest @6% per annum.

M/s. Y-not legal services (Expert) 13 January 2012
my question is, do you have any written proof for prove the 24% interest?

-tom-

Advocate Rajkumarlaxman (Expert) 13 January 2012
f you have proof of 24 % which is excessive then you also can move to court under various titles please bring the excat facts we can guide you in detail.

Sailesh Kumar Shah (Expert) 13 January 2012
you can do:-
1.Take Loan from Bank and repay;or
2.Go to the court as advised.

Advocate. Arunagiri (Expert) 13 January 2012
You can borrow and arrange money from anywhere and settle the loan.

The interest is exorbitant. You can refuse to pay the interest 24%, send your objections by a letter.

Deepak Nair (Expert) 13 January 2012
Well advised by experts. You have 2 options. Select the better one.

Pradeep Rohra (Expert) 13 January 2012
For money lending business licence is necessary for doing business of money lending if a person does not hold licence then it is illegal business . So firstly you enquire for licence. The interest charge by money lender is very high as compare to RBI norms. So you must have to issue notice to money lender through Advocate and follow instruction of advocate.

Sudhir Kumar, Advocate (Expert) 21 January 2012
AS advised by Mr Rohra, you may avoid payment if he has o licesne. He will never file civil suit.

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