Section 7 in The M.P. Anusuchit Jan Jati Sahukar Viniyam, 1972
7. Interest and charges, allowed to money-lenders.
(1)No money lender shall charge interest or any loan advanced at a rate exceeding-(a)six per cent per annum simple interest, where the loan is secured; and(b)twelve per cent per annum simple interest, where the loan is not secured.(2)A money-lender may demand or take from the debtor such charges as may be prescribed.(3)A money-lender shall not demand or take from the debtor any interest in excess of that payable under sub-section (1) or any charge in excess of that prescribed under sub-section (2).
