How to get Money Lending Licence in Rajasthan

Posted on June 5, 2018 by Fastlegal Team

A person who does a money lending business in Rajasthan can obtain the license for Money Lending form the SDM Office of Tehsil where he resides. Money Lending Licence is issued once the applicant fulfills the conditions of Act and Rules prescribed in Rajasthan Money Lenders Act, 1963 and Rules made thereunder :

Money Lending Licence is essential for every person who does the finance business of lending money other than for the companies which are specially regulated by other regulators like RBI for NBFC Companies.

Meaning of Money Lender :

Money-lender’ means-

(i) an individual or

(ii) an undivided Hindu family, or

[(iii) a company (not being a banking company as defined in section 5 of the Banking Regulation Act, 1949), body or institution other than such of them as may, by notification in the Official Gazette, be exempted from the provisions of this Act by the State Government on being satisfied that it is necessary or expedient so to do in public interest, or]

(iv) an un-incorporated body of individuals, who or which,-

(a) carries on the business of money-lending in the State; or

[(b) supplies, as a trader or dealer, goods other than agricultural goods on credit on condition of payment of interest by the buyer at a rate higher than that prescribed in section 29 in case the payment of sale price is not made within the stipulated period; or]

[(c)] has his or its principal place of such business in the State;

Documents Required and Information required obtaining for Money Lending Licence Application :

PAN card of Applicant
Aadhar Card of Applicant
Last Three (3) Years Income Tax Return along with computation of Income
Resident Certificate of Applicant
Character Certificate of Applicant duly issued by Gazette Officer in two Copies
Last 1 Year Bank Statement
Details of Previous business, if any

How to Apply for Money Lending Licence in Rajasthan

Arrange all necessary Documents required for money lending license
Place your request on our website
Email us required documents at mail@fastlegal.in
We will send you required documents for signing
Send us the required documents at our office address
We will submit your application with Department
Follow up from Department
Police Verification of Applicant
Once the department receives all the verification done in this respect
Issue of Money Lending Licence

Validaty of Money Lending Licence

The Licence issued is valid for period of 3 Years. Licence can be renewed before the expiry of Validity

Maximum Interest that can be charged on the basis of Money Lending license

As per money lending act the amount of Interest on loan cannot be in excess of principal amount.

Fastlegal provides Money Lending Licence Registration Services in Jaipur, Rajasthan, If you need any help Please Call at 9782280098 or email us at mail@fastlegal.in

Fastlegal Team

Fastlegal is an Online Legal Professional Services Provider Company providing Company Registration, LLP Registration, Nidhi Company Registration, Trademark Registration, GST Registration and Return Filing Services