Section 2(5) in The Punjab Debtors' Protection Act, 1936
(5)"Interest"includes the return to be made, over the above what was actually lent, whether the same is charged or sought to be recovered, specifically by way of interest, or otherwise."Loan" means an advance whether of money or in kind at interest and shall include any transaction which the court finds to be in substance of loan, but it shall not include-(i)a deposit of money or other property in a Post Office Savings Bank or any other Bank, or in a company or with a co-operative society;(ii)a loan to or by, or a deposit with any society or association registered under the Societies Registration Act, 1860 (XXI of 1860), or under any other enactment for the time being in force;(iii)a loan advanced by the [State] Government; or by any local body authorised by the [State] [Substituted for the words 'Provincial' by the Adaptation of Laws Order, 1950.] Government.(iv)a loan advanced by a bank, a co-operative society or a company whose accounts are subject to audit by a certificated auditor under the Indian Companies Act, 1913 (VII of 1913);(v)a loan advanced to a trader;(vi)an advance made on basis of a negotiable instrument as defined in the Negotiable Instruments Act, 1881 (XXVI of 1881), other than a promissory note;(vii)an transaction which is, in substance, a mortgage or a sale of immovable property.
