Money lenders charging high interest can we stop them legally

Question

Money lenders charging high interest can we stop them legally

18-May-2023 (In Recovery Law)

My father had taken money from few individual in locality who charge monthly 5-10-15% monthly interest and in not paid on time then they charge fine for late payment too... plz suggest me a solution on this

Answers (1)

Answer #1

Adv. Chikirsha Mohanty

Delhi | 200+ Answers

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LawRato LawRato · Accepted Answer · 2016-05-18T11:34:59+05:30

As per the norms, the maximum interest rate in case of secured loan should be 14 per cent per annum and unsecured loan 16 per cent per annum. The private financial institutions or moneylenders should not violate the norms, the release stated.

According to the Department, the Cooperative Societies would confiscate the security deposits/cancel licenses of the moneylenders if they charge high interest rate from the borrowers.

The Department will also book criminal cases against the moneylenders if they operate financial business without obtaining necessary permissions, the release warned.