Minimum limit and maximum limit of interest on loan taken
This query is : Resolved
TARIQUE RIZVI
(Querist)
12 May 2015
What is the minimum limit and maximum limit of interest on loan taken from non-executive directors and loan taken from other than directors for the fy 2014-15 as I have to provide the minimum possible interest on account of money borrowed. Please guide me and oblige.
Vishrut Shah
(Expert)
12 May 2015
There is no specific rates mentioned. However it has to be at par with market rates and hence if you have taken any other loan than you need to provide similar rate of interest on money borrowed from directors.
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