Is 1% of rate of interest daily applicable on loan legal in India?
1 year ago
Sir 1 percent per day is legal in India and I have taken loan from unifinz capital limited they charging daily interest rate 1% it's legal
A.Dear Client
It is illegal and undoubtedly usurious. You should send them a legal notice through a layer marking a copy to the banking ombudsman and Reserve Bank of India.
It is illegal and undoubtedly usurious. You should send them a legal notice through a layer marking a copy to the banking ombudsman and Reserve Bank of India.
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A.Hello Sir,
You first take the annual interest rate on your loan and divide it by 365 to determine the amount of interest that accrues on a daily basis. The personal loan interest rates range between 8.75% p.a. and 49.5% p.a. Depending on the loan amount availed by you, your credit score, and repayment tenure, the rate of interest on your loan is decided.
You first take the annual interest rate on your loan and divide it by 365 to determine the amount of interest that accrues on a daily basis. The personal loan interest rates range between 8.75% p.a. and 49.5% p.a. Depending on the loan amount availed by you, your credit score, and repayment tenure, the rate of interest on your loan is decided.
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