INTEREST ON UNSECURED LOANS.
This query is : Resolved
Gopal Khetan
(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.
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.
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.
2. But you can pay interest at lower rate. No legal issue into this.
02 April 2009
i support the expert
Taranjit Singh
(Expert)
03 April 2009
These are bank prevailing rates.
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