Section 31 in The United Provinces Agriculturists Relief Act 1934
31. [ Rate of interest on loans taken after this Act came into force after the aggregate of interest has reached 100 per cent of the sum borrowed] [Republished by Section 27 (1) of U.P. Act XIII of 1940, in its application to advances made before the first day of June, 1940 not being loans as denned in that Act].
(1)Notwithstanding anything in any contract to the contrary no loan taken after this Act comes into force shall bear interest at a rate higher than that specified in Schedule IV, calculated on the sum originally borrowed or such part of it as has not already been repaid after a sum equal to the sum originally borrowed has been realized or has accrued at the contractual rate on account of interest on such loan.(2)Any amount already received by the creditor on account of interest in excess of that due under the provisions of this section shall be credited towards principal; put nothing in this section shall be deemed to entitle a debtor to claim refund of any part of the interest already paid by him.
