HIGH INTEREST-MONEY LENDER
2 years ago
Dear Concern,
I am from Bangalore I had taken a loan from one of my client of 9 Lac Rs at Dec 19 with 10% rate of interest. He is not authorized money lender. From Dec 2019 to Dec 2020 every month I am paying a 70,000/- Rs as an interest. Till Dec I had paid 7.20 Lac Rs as an interest. This money lender abuse me if any month I got delay in making payment and also threatening me that he will come to my place and make noise in front of my neighbours etc but now my financial condition running little bad. So I have decided not to pay any further amount to him.
So I just want to know in that case how can I come out should I take help of police to make complaint against him as he is not registered money lender and I had paid more than which I had taken. I had complete bank statement which is showing whenever I had made the payment to him..
As an security he had taken two cheque from me with amount of 9 Lac without mentioning any date.
Eagerly awaiting for your reply Thank You
Ankur Goel @ Complete Law Shield
Responded 2 years ago
You have to get prepared for it.
you can win those cases.
Ayantika Mondal @ Prime Legal
Responded 2 years ago
It is illegal to lend money in this way, and it is against public policy to charge such a high interest rate. If he harasses you, you can report him to the police station. Also, as far as the loan amount is concerned we will need to analyse if there was a contract or a promissory note then you will have to give back at least the principal amount.
If you find this answer helpful please rate my answer. Thank you.
Lending money in this manner is illegal and charging such a high-interest rate is against public policy. You can report him to the police station if harasses you.
If you find this answer helpful please rate my answer. Thank you.
You may lodge complaint with police.
Sidhaarth
Responded 2 years ago
Section 5 of the Karnataka Money Lenders Act, 1961
5. Money-lenders to obtain licence.—No person shall carry on the business of money-lending in the State except 1 [under and]1 in accordance with the terms and conditions of a licence 2 [and, after the commencement of the Karnataka Money Lenders (Amendment) Act, 1985, except on payment of security deposit as provided in section 7A]2
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Regarding surity and stay of execution
Recovering Loan given to a Friend
Credit card payment
Joint account Chaque with minor signature only
Cheque and pronote
