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Interest on Personal loanInterest on Personal loan

Civil »Posted 23 Nov 2020 Post Answer

legal question Hi,

We have a situation where money has been lent to a cousin / Friend with an agreement on bond paper and a date by which the same needs to be returned, There is no mention of any interest component if money is not repaid by due date. It is now more than 18 months since the due date and the borrower is not only insisting on more time, but refusing to pay any interest as the same is not mentioned in the agreement paper. Given the money money was not paid as per the due date, can the lender legally insist on interest as this is more than 18 months overdue?

This is just one off case and lender is not involved in any money lending business. This was one off case and money lent on personal request. Pls advise under which section can the lender insist on interest amount as the money was not returned on due date.

legal answer from lawyer E00321627Under law interest is payable on the debt advanced by you to your friend by virtue of usage having force of law. For clarification you may contact me. Hit the like button if the advice is useful to you.



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legal answer from lawyer E00313566Dear client ,
In this case you have to file recovery of money before civil court but you have to prove that money is pending and evidence also do go and file the case against him becozc this is totally recovery of matter if you are filing criminal then it will waste of your time . Thaank you plz press like button if like

Regards

Adv tehzib j kazmi



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legal answer from lawyer E00019212sir for taking the interest you need a valid license other wise it is crime too , and when there is no mention of the interest the the giver can not ask for the same , you have right to ask for the basic only . sir if the person is not returning on time , then go for the FIR for the same . sir you can ask for the compensation for not returning on time .



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legal answer from lawyer E00297058Dear Sir,
Nicely try to get atleast post dated cheque for easy recovery otherwise if you file civil case it will take years together and in the meanwhile you may discuss the matter in person to attach the properties.

I could have explained more if background is known to me. I am at your service if you visit my office.

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