The Bill has been passed in the Legislative Assembly by the Government of Andhra Pradesh for the purpose of regulating private money lending business. So that incidents of call money racket can be prevented. Money can no longer be borrowed without a license. The state government will now, from time to time, determine the interest rate for private money-lending businesses. Those who do a business of lending private money, now have to get their accounts audited once a year. There is a provision for punishment for charging more than the rate of interest shown in the account, which can be from one year to three years.
All those people need a money-lending license. Which is controlled by RBI and especially NBFC companies. And doing private money lending business without a license is a legal offense.
AP Money Lending License Form PDF Download
| Article | Andhra Pradesh Money Lending License |
| Department | Revenue Department |
| Beneficiary | State citizens |
| Language | English |
| Official Website | Click Here |
| Form PDF Download | Click Here |
Required Documents
To get a money lending license, you have to attach the following documents with the application form:
- Pan Card
- Aadhar Card
- residence certificate
- Last one-year bank statement
- Details of the previous business, if any
- Income tax return for the last 3 years with income tax calculation
- character certificate
