Rate of interest on personal borrowings
This query is : Resolved
SALONI LOGANI
(Querist)
23 December 2014
I want to borrow 5 lacs from a friend. I will b using the money in my business.How much maximum interest can be charged on this loan amount???
Ashwani Narnoli
(Expert)
23 December 2014
Generally there is a practise of 12% p.a. charging intt on unsecured loans.
CA Kumar Mukesh
(Expert)
23 December 2014
Frankly money always create problems in friends. if you are able to get from bank take it.
if you not, it is preferably to pay interest by increase 100 to 200 basic points on interest charged by banks on personal loans. You may take SBI rate of Interest charged on personal loans
if you not, it is preferably to pay interest by increase 100 to 200 basic points on interest charged by banks on personal loans. You may take SBI rate of Interest charged on personal loans
Rupesh Jain
(Expert)
24 December 2014
you can charge the intt more than bank intt 1-2% higher.
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