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venkatesh (Advocate)     15 March 2011

Car Loan usage not specified Commercial/non-commercial

The Borrower (claiming real estate agent) has taken Loan from Bank for purchase of Car. On default Bank filed suit. Court says that since the car purchase is non-commerical transaction, so interest will be awarded @ 6% p.a as per section 34 CPC but not as per contractual rate



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