Section 2 in The Kerala Prohibition of Charging Exorbitant Interest Act, 2012
2. Definitions.
(1)In this Act, unless the context otherwise requires,-(a)"daily vatti" means interest on daily basis which will work out to an interest rate more than that specified under sub-section (1) of section 7 of the Kerala Money-Lenders Act, 1958 (35 of 1958);(b)"debtor" means a person who receives loan for exorbitant interest;(c)"exorbitant interest" means an interest at the rate more than the rate specified in sub-section (1) of section 7 of the Kerala Money-Lenders Act, 1958 and includes daily vatti, hourly vatti, kandu vatti, meter vatti and thandal;(d)"hourly vatti" means interest on hourly basis which will work out to an interest rate more than that specified under sub-section (1) of section 7 of the Kerala Money-Lenders Act, 1958 (35 of 1958);(e)"kandu vatti" means an interest which will work out to an interest rate more than that specified under sub-section (1) of section 7 of the Kerala Money-Lenders Act, 1958 (35 of 1958);(f)"loan" means an advance of money for daily vatti, hourly vatti, kandu vatti, meter vatti or thandal;(g)"meter vatti" means an interest which will work out to an interest rate more than that specified under sub-section (1) of section 7 of the Kerala Money-Lenders Act, 1958 (35 of 1958) for every day on the loan amount not paid within the stipulated time;(h)"thandal" means interest which will work out to an interest rate more than that specified under sub-section (1) of section 7 of the Kerala Money-Lenders Act, 1958 (35 of 1958) which is to be recovered daily along with the part of the loan amount ;(2)Words and expressions used but not defined in this Act and defined in the Kerala Money-Lenders Act, 1958 (35 of 1958) shall have the meanings respectively assigned to them in that Act;
