https://www.taxtmi.com/caselaws?id=274064 Section 3 of the Usurious Loans (Madras Amendment) Act VIII of 1937 permits relief where a loan transaction is substantially unfair, and excessive interest must be assessed in light of the circumstances at the date of the loan, including security, the debtor's financial position, the lender's risk, and the basis for compound interest. Applying that test, the SC accepted the concurrent finding that the security was not inadequate and that the lender's risk did not justify the higher contractual rate. It further held that 10% compound interest with yearly rests was not excessive on the facts, and that reducing interest to 6% from the date of suit was a proper exercise of discretion. en-us Tue, 04 Oct 1966 00:00:00 +0530 Thu, 26 Jul 2018 17:29:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274064 Section 3 of the Usurious Loans (Madras Amendment) Act VIII of 1937 permits relief where a loan transaction is substantially unfair, and excessive interest must be assessed in light of the circumstances at the date of the loan, including security, the debtor's financial position, the lender's risk, and the basis for compound interest. Applying that test, the SC accepted the concurrent finding that the security was not inadequate and that the lender's risk did not justify the higher contractual rate. It further held that 10% compound interest with yearly rests was not excessive on the facts, and that reducing interest to 6% from the date of suit was a proper exercise of discretion. Case-Laws Indian Laws Tue, 04 Oct 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274064