Rate of interest: lending margin limited over highest deposit rate; uniform rates for same loan class and publicly displayed. Rule 16 limits a Nidhi's loan interest to not exceed seven and a half percent above the highest deposit rate offered, requires calculation on the reducing ... Summary
Rate of interest: lending margin limited over highest deposit rate; uniform rates for same loan class and publicly displayed.
Rule 16 limits a Nidhi's loan interest to not exceed seven and a half percent above the highest deposit rate offered, requires calculation on the reducing balance method, mandates the same rate for all borrowers within the same loan class, and requires prominent display of all loan class rates at the registered office and each branch.
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