Get Free Legal Advice from Top Expert Lawyers

Dear Client,
In the absence of a license issued to NBFC by the Regulatory Authority, RBI, trading or marketing of financial business or transactions is termed as illegal and unfair trade practice and the trader or businessman may be prosecuted under the Prevention of Money-Laundering Act, 2002. The following types of entities that are involved in the principal business of financial activity do NOT require NBFC License: Housing Finance Companies – Regulated by the National Housing Bank; Insuran

Dear client,
This depends on each state's laws. The government is empowered to fix the maximum rate of interest for secured and unsecured loans. For instance Under the Karnataka Prohibition of Charging Exorbitant Interest Act 2004, no person can charge an interest of more than 18 per cent per annum. Any person who charges interest above this rate is liable for imprisonment for a term that may extend to three years and also a fine that may extend to Rs 30,000.

Dear client,
This depends on each state's laws. The government is empowered to fix the maximum rate of interest for secured and unsecured loans. For instance Under the Karnataka Prohibition of Charging Exorbitant Interest Act 2004, no person can charge an interest of more than 18 per cent per annum. Any person who charges interest above this rate is liable for imprisonment for a term that may extend to three years and also a fine that may extend to Rs 30,000.

Please go through the laws of your

Dear Client,
If the private financier is a NBFC then its business is regulated by the guidelines of RBI. From the query, it is not clear whether the loan is a secured or unsecured loan. In case it is a secured loan, then the financier has to exhaust all the remedies available for recovery of debt lying unpaid against the deceased borrower failing which, the lender can take action against the surety for recovery of debt of the borrower. Regulatory Authority, RBI issued orders/advisories refrainin

Dear client,

Read over terms of your loan agreement to see what happens when you are unable to pay it. If you have pledged anything such as a house, vehicle, jewellery, etc, you can liquidate it to repay your loan or if not you can declare insolvency

Dear Client,

Section 19 of the Debt Recovery Tribunal Act enables a bank or a financial institution to recover any debt from any person by making an application under the aforesaid section before the appropriate Debt Recovery Tribunal having jurisdiction. A secured creditor may also simultaneously pursue its remedies under the SARFAESI Act 2002 as well as the DRT. For the application under the SARFAESI Act, the account of the borrower must be classified as Non-Performing Asset (NPA) by the secu

Dear Sir,
You have to approach property lawyer and see that what are the illegalities and how much expense will be occurred and also find out whether you can approach concerned officers and get legalized by paying legal fee.

Dear Client,

In the absence of details of loan sanctioning authority and the identity of the company harassing you for repayment of loan based on CIBIL record, nothing can be suggested as of now.

Hello
It is the liability of the employer to pay the salary to the employee on time. However, if he denies, refuses, or fails to do so, then the employee can file a criminal suit for cheating and breach of trust under Section 420 of the Indian Penal Code also, The employee can file a suit under section 447 of the Companies Act which lays down punishment for fraud. The employer can be imprisoned for a period of six months to ten years. Recovery of the full amount of an amount that is three times

In case you are entitled for any share in your family's property, on the filing of an application for bankruptcy, the Court may pass a direction/order for attachment of your family property for recovery market debt lying against you to meet the claims of Creditors.