Section 29 in The United Provinces Agriculturists Relief Act 1934
29. [ Benefit for prompt payment of loans taken after the passing of this Act] [Republished by Section 27 (I) of U.P. Act XIII of 1940, except in its application to advances made before the first day of June, 1940, not being loans as defined in that Act].
- If an unsecured loan taken after the date on which this Act comes into force, is, if it is not a loan for fixed term, repaid within two years of the date of the taking of the loan, or, if it is a loan for a fixed period, is repaid within such period, the debtor shall not be liable to pay interest at a rate higher than the prevailing rate of interest for a secured loan of the same class in force at the time the loan was taken.
