Tamil Nadu Money Lenders Act Archives -

03 Nov

Tamil Nadu Government fixed interest rates secured loans and unsecured loans

The Tamil Nadu Government has fixed maximum simple interest

The city police will conduct special grievance redressal meetings for victims of usury harassment on Thursday and Friday at the office of Commissioner of Police.

In a statement, the Commissioner of Police, Mahesh Kumar Aggarwal said that the Tamil Nadu Prohibition of Charging Exorbitant Interest Act 2003 prohibited charging of interest at a rate more than fixed by the government under the Tamil Nadu Money Lenders Act. The Government of Tamil Nadu has fixed maximum simple interest of 9% per annum for secured loans and 12% per annum for unsecured loans.

Source: Google Images

Any money lender using violence, intimidation or causing danger to person or property of debtor is liable to prosecution. Any persons aggrieved by the aforementioned action of money lenders can approach the Commissioner of Police on Thursday and Friday and present their complaints to him. Complainants are requested to bring copy of any loan related documents, if any, available with them. Suitable legal action on all such complaints will be taken in 10 days, the Commissioner said.

Source: thehindu

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