A.Dear Client,
You can lend money at interest, provided that the interest rate falls within the appropriate legal guidelines. Most states have usury laws that limit the maximum amount of interest that a lender can charge. In addition, you should also consider the Applicable Funds Rate prescribed by the Internal Revenue Service (IRS). The Usurious Loans Act of India, 1918 aims to shield borrowers against greedy lenders that exploit people in need of cash by charging exorbitant interest rates. Private-party lending is primarily covered under this Act. A complaint under the RBI integrated Ombudsman scheme, 2021. shall be made online on the portal (https://cms.rbi.org.in). The complaint is to be made to the Ombudsman within one year after the complainant has received the reply from the concerned Bank to the complaint or, where no reply is received, within 30 days from the date of the complaint.
You can lend money at interest, provided that the interest rate falls within the appropriate legal guidelines. Most states have usury laws that limit the maximum amount of interest that a lender can charge. In addition, you should also consider the Applicable Funds Rate prescribed by the Internal Revenue Service (IRS). The Usurious Loans Act of India, 1918 aims to shield borrowers against greedy lenders that exploit people in need of cash by charging exorbitant interest rates. Private-party lending is primarily covered under this Act. A complaint under the RBI integrated Ombudsman scheme, 2021. shall be made online on the portal (https://cms.rbi.org.in). The complaint is to be made to the Ombudsman within one year after the complainant has received the reply from the concerned Bank to the complaint or, where no reply is received, within 30 days from the date of the complaint.
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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.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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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.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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