Section 6

Rate of interest on future adjustments of accounts.

The Usury Laws Repeal Act, 1855

  • Act 28 of 1855
  • Ministry of Finance
  • Department of Economic Affairs
About this Act

An Act for the repeal of the Usury Laws.

All sections
    In any case in which an adjustment of accounts may become necessary between the lender and the borrower of money upon any mortgage, conditional sale of landed property, or other contract whatsoever, which may be entered into after the passing of this Act, interest shall be calculated at the rate stipulated therein; or, if no rate of interest shall have been stipulated and interest be payable under the terms of the contract, at such rate as the Court shall deem reasonable.

Source: India Code (Legislative Department, Govt. of India). Check the official Gazette before relying on it in court. Not legal advice. Free legal aid: 15100 (NALSA) · Know your rights

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