Section 12 in The U.P. Regulation Of Money-Lending Act, 1976
12. Maximum rate of interest. -
(1)Notwithstanding anything contained in any decree, order, custom, contract or other instrument or any other law for the time being in force, no money-lender shall in respect of arty loan, whether advanced before or after the commencement of this Act, be entitled to interest exceeding such rates as may be notified under sub-section (2).(2)The State Government may from time to time after considering the rate of interest normally charged by scheduled banks for commercial loans, notify the maximum rates of interest that may be charged by money lenders:Provided that different rates may be notified for secured and unsecured loans.(3)Any alteration in the rate of interest notified under sub-section (2) shall not affect the validity of any claim for interest made in respect of a loan granted before such alteration.
