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Legal formalities/license to start a Lending Firm ?
04-Jan-2023 (In Banking / Finance Law)
HI, I am planning to start a lending firm. What are the basic legal formalities/license I need to get done? What are the legal documents required to be collected from borrower in case of defaulting? What is the maximum interest rate I can charge for secured and unsecured loans?
Hi, For NBFCs you may need to get license from RBI. Working capital not mentioned with the description. The legal documents should be collected from borrower based banking laws and the RBI directive.. you may approach a lawyer for the formalities.
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