icon Guide to Obtaining a Money Lending License in Assam

How do I apply for a money lending license in Assam? And what's the maximum interest rate allowed per month according to the law?


A. Dear Client,

Under the Assam Money Lender's (Amendment) Act, 1968, any person engaged or intending to engage in the money-lending business must register by submitting an application to the Registrar in the prescribed form along with the required fees. Upon registration, the Registrar issues a certificate in the prescribed format.

Section 9(1) of the Act stipulates that no money-lender can, for any loan made before or after the commencement of the Act, recover, whether through legal means or o ...ReadMore

Helpful
Helpful
Share
icon draft for loan funding to existing sole propritorship firm with fixed returns

draft for loan funding to existing sole propritorship firm with fixed returns What type of legal agreement would hold Legal standing in The Indin courts for a person making investment in a running Sol


A. 1) It depends on what type of business the proprietor company is having.
2) The business should be of some physical commodities like paper distributorship, onions etc. like it should not be off the market commodities like shares finance or further investments as the business should be physically visible to you.
3) Fixed income of 5% interest is not applicable in any courts maximum what you can ask for the interest is 24% per annum.
4) If you want such higher interest or something of that sort, i ...ReadMore

Helpful
Helpful
Share
icon Money debt

One of my relatives took a debt of ₹4 lakhs and is refusing to pay it back to me...and i have a bond paper where it's written that he'll pay me on a date ...and that date has gone...what should i do


A. Dear Client,,
Based on the Bond, you can serve a legal notice to the person demanding payment of the loan failing which you have to file a money suit against your relative in the Civil Court. Reach out to an Advocate for guidance and steps.

Helpful
Helpful
Share
icon Unable to repay the amount taken as zip pay later on mobikwik app

What should I do as I was unable to pay the amount taken as zip pay later due to job loss and medical emergency of my wife as the also sent me legal notice


A. Dear client
As you have taken a loan you have to pay it back.There is no alternative to it but you can do is file an application to delay the payment reback procedure.
Sometimes depending upon the clause, you need to go for either arbitration or any other way out.
Send a legal notice to the loan giver authority/agency and request for time.

Helpful
Helpful
Share
icon Microfinance company

I run section 8 microfinance company. And I want to give loan to only those persons who've taken membership/subscription of my company. So is it allowed to give loan to only members in section 8 micro


A. Dear Client,
In the context of a Section 8 microfinance company, offering loans exclusively to members who have taken a subscription or membership of your organization is a practice that can be legally viable, given that the company is structured as a not-for-profit entity with the primary objective of promoting charitable activities. However, it is crucial to ensure that this practice aligns with the specific regulations and guidelines governing Section 8 companies, microfinance institutions, a ...ReadMore

Helpful
Helpful
Share
icon Unable to pay EMI and credit card outstanding

My EMI and credit card payment exceeded my salary amount resulting unable to pay all dues. RBL bank's recovery agent/customer care are giving threatening to send recover agent to my locality. I have s


A. Dear Client,
Facing financial challenges can be stressful, and it's important to handle the situation carefully. Firstly, try to communicate with your bank and explain your financial difficulties. Share a detailed breakdown of your income and expenses to demonstrate your financial constraints. Request for a revised repayment plan or extension that aligns with your current financial situation.
Document your communication with the bank and recovery agents, including any threatening language. If yo ...ReadMore

Helpful
Helpful
Share
icon Money loss in trading

We don't have paper agreement we verbal commitment, my friend will invest I will trade we both share profit we didn't talk about loss now I lost in trading he is threatening me to police complaint


A. Dear Client,
Oral agreement are not binding on the either parties. But legal FIR can be filed but you may challenge in the high court.
Thankyou

Helpful
Helpful
Share
icon 10% interest per month is legal?

My mom brought 80k RS from neighbour at 10% interest rate per month and we have to give the interest till be don't pay the amount because they are not ready to deduct from principal amount but somehow

2 Response(s)

2 months ago


A. Dear Client,
A business or trading of lending money on higher interest without the permission of competent authority is a criminal offence and comes under the purview of Prevention of Money Laundering Act, 2002 (PMLA). If anybody involved in trading of money lending or any other financial transaction without any license or permission of the concerned regulatory authority like RBI, SEBI, then he or she may be booked under the Prevention of Money Laundering Act, 2002 (PMLA) which was enacted to fi ...ReadMore

Helpful
Helpful
Share
icon Fraud mortgage loan

I have 1 elder brother. We have house on mother's name. My brother and his wife has mortgage the property with JM financial. Now they are not able to pay EMI. Bank send the notice to my mother where h

3 Response(s)

2 months ago


A. Dear Client,
Being co-borrower of the secured loan account and the owner of the motgaged property, she has to face legal consequences for non-payment of dues lying against loan. Once a loan is not repaid by the borrower for any reason whatsoever, it is treated by the Bank as NPA. Accordingly, the Bank sends notice to the Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response from the Borrower, the Bank starts the ...ReadMore

Helpful
Helpful
Share
icon EMI missed due to job loss

Emi missed due to job loss and I have already informed to my lender but they call me everytime and asking for payment

2 Response(s)

2 months ago


A. f you've experienced a job loss and are unable to make your EMI payments, it's important to address the situation responsibly. Here are some steps you can consider:

Communicate with Your Lender:

Continue communicating with your lender. Inform them about your financial situation, the reason for the missed payments, and any efforts you are making to address the issue.
Explore Temporary Relief Options:

In some cases, lenders may offer temporary relief options such as a moratorium or restructurin ...ReadMore

Helpful
Helpful
Share