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INTEREST ON UNSECURED LOANS.

This query is : Resolved 
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(Querist)
02 April 2009 Dear Sir,

1.please advise , is there any rate of interest stipulated as a minimum rate of interest to be charged for unsecured loans.

2.If so, can in a particular year ,could interest be paid at a lower rate.
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CA.Tarun Maheshwari

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CA.Tarun Maheshwari (Expert)
02 April 2009 1. No minimum rate prescribed, but ITO generally thrust for bank prevailing rates.

2. But you can pay interest at lower rate. No legal issue into this.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
02 April 2009 i support the expert
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Taranjit Singh

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Taranjit Singh (Expert)
03 April 2009 These are bank prevailing rates.
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