Section 11(3) in Andhra Pradesh Micro Finance Institutions (Regulation of Money Lending) Act, 2011
(3)Every MFI shall, -(a)deliver or cause to be delivered, to the borrower within seven days from the date on which a loan is made, a statement in the prescribed form showing in clear and distinct terms the amount and date of the loan and of its maturity, the name and address of the functionary of the MFI and the effective rate of interest charged;(b)upon repayment of a loan in full, the MFI shall obtain an indelible mark on every paper signed by the borrower with words indicating such repayment and provide copies thereof to the borrower.
