I wanted to know the court interest rate for general borrowi
Nagarasu R
(Querist) 26 July 2018
This query is : Resolved
Dear all,
my mom borrowed using sale agreement method from someone for 3% interest rate on 2012 Oct and the agreement tenure is 3 years till date we paid 1L interest. on last year July 2017 we requested him to make 1% so we can pay everything, but he refused to take money went to the lawyer notice we also replied for his notice. now they are calling for settlement and asking us to pay 2% interest. My question is if this case goes to the court then how much interest i will be paying for 250000? court will ask us to pay till 2017 July or till the hearing comes whole tenure we have to pay. Please help me to understand. 9844550017 nagarasu.ar@gmail.com
M V Gupta
(Expert) 26 July 2018
Generally court will award interest on decreed amount at the rate agreed in the agreement till date of filing of the suit and thereafter at interest rate not exceeding 6% pa.
