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Legality of lending money to others for interest
06-Feb-2023 (In Civil Law)
Can a person lend money to others for interest and keeping their properties as a security under him without government permission
Without Licence it is offenceive but in our country lending money with interest by keeping some securities it is running with understand between lender and money receiver. In these issues both are liable
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Adv. P. Sathya Prakash
Warangal | 100+ Answers
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Can a person lend money to others for interest and keeping their properties as a security under him without government permission ? NO.
a person CAN lend money BUSINESS AS PER ANDHRA PRADESH (TELANGANA AREA) MONEY LENDERS ACT and need proper licence from the authority.
then only he entitled legally authorized to do this lending business.
a person CAN lend money BUSINESS AS PER ANDHRA PRADESH (TELANGANA AREA) MONEY LENDERS ACT and need proper licence from the authority.
then only he entitled legally authorized to do this lending business.
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Adv. Yadagiri Mailaram
Hyderabad | 25+ Answers
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Hello,
As per law, it is not legal. First of all you can obtain lending licence from the concerned department, then you are legal agent to do the activities relating to the money lending, then you can keep the properties as security and you can file cases (civil/criminal) against the defaulters.
As per law, it is not legal. First of all you can obtain lending licence from the concerned department, then you are legal agent to do the activities relating to the money lending, then you can keep the properties as security and you can file cases (civil/criminal) against the defaulters.
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Adv. Geeta Tirandasu
Hyderabad | 100+ Answers
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