- Where in any suit in respect of any loan made or any security taken for a loan made by a money-lender after the commencement of the Usurious Loans Act, 1918 (Act 10 of 1918), it is found that the interest charged exceeds the rate of 12½ per cent. per annum in the case of a secured loan or 18¾ per cent. per annum in the case of an unsecured loan, the Court shall, until the contrary is proved, presume for the purposes of section 3 of the Usurious Loans Act. 1918 (Act 10 of 1918), that the interest charged is excessive and that the transaction was as between the parties thereto, substantially unfair, but this provision shall be without prejudice to the powers of the Court under the said section where the Court is satisfied that the interest charged though not exceeding 12½ per cent. per annum or 18¾ per cent. per annum, as the case may be, is excessive.
