What is Maximum Rate of Interest on Loan given by Nidhi?
by Ankit Nagpal
30 January, 2024
Covers the rate-cap for loans given by a Nidhi Company under Rule 16 (i.e., not exceeding 7.5 % above highest deposit rate).
The rate of Interest to be charged on loan given by Nidhi can not go above seven and a half percent (7.5%) above the highest rate of interest offered on deposits by Nidhi Company.
EXAMPLE:
Interest offered to the depositor 1: 9.5%
Interest offered to the depositor 2: 8.5%
So, the maximum rate of interest a NIDHI can charge is 9.5% + 7.5% = 17%
