What is the maximum interest rate allowed by law in tamilnadu?
Answers
Answer:
Government of Tamil Nadu has issued Notification, fixing the rate of interest at 9% per annum (with...of Tamil Nadu Prohibition of Charging Exorbitant Interest Act, 2003. As per the provisions of the said Act, no person shall charge exorbitant interest on any loan advanced by him...
Answer:
The correct answer to this question is No. 331/2008 solely on the grounds that the interest chargeable at 24 percent pa is unlawful under Section 3 of the Tamil Nadu Prohibition of Charging Exorbitant Interest Act, 2003
Explanation:
Given - Maximum interest rate allowed by law in Tamilnadu
To Find - What is the maximum interest rate allowed by law in Tamilnadu?
No. 331/2008 solely on the grounds that the interest chargeable at 24 percent pa is unlawful under Section 3 of the Tamil Nadu Prohibition of Charging Exorbitant Interest Act, 2003 (hereinafter referred to as Tamil Nadu Act 38/2003) in accordance with Section 7 of the Money Lenders Act of 1957 and G.O.
The government of Tamil Nadu has issued a Notification, fixing the rate of interest at 9 percent per annum (with...of Tamil Nadu Prohibition of According to the terms of the aforementioned Act, no one may charge excessive interest on any loans that he advances.
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