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My office colleague took 10lakh loan from my childhood friend @ 5℅ per month. I'm the guarantor for


10-Jul-2023 (In Recovery Law)
My office colleague took 10lakh loan from my childhood friend @ 5℅ per month. I'm the guarantor for this loan and there is a written agreement on 200 Rs bond paper. For few months my colleague is not paying the interest. Lender sent legal notice to pay the full amount. Can a private lender charge 5℅ per month. Can we sue him on this ground that karnataka state law says money lender should be register.
Answers (1)

Answer #1
500 votes
Hai.. I will assist you with respect to the issue that you have raised It's offence under the law if money lender charge exorbitant interest rate and you reply to the notice that was served upon you. for more details fix an appointment with me through LawRato
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Advocate Rupesh R

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