Legal Question in Banking Law in India

Sir, My name is Sameer, I am 24 yrs old, last year i took a loan of Rs 1,20,000 from my relative at a interest rate of 5 % per month. for security purpose he took a cheque from me of amount 1,30,000. we had a mutual understanding that he need to inform me 3 months prior so that i can arrange for the amount. yesterday he met me & told that he wants to increase the interest rate to 8 % or i return his money in next 10 days. if i neither increase the interest rate, nor return his money in next 10 days, he will deposit the cheque in the bank &lodge;a FIR in my name. I am begging him to increase the time but he is not ready to budge. i am the only one who earns for the family, if i go to jail there will be no one to look after my mother & sister, please help me sir & give me a solution

Asked on 4/23/12, 11:03 pm

Santosh Dash Legal Consultant

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was there any written agreement on this arrangement? if yes, believ on agreement. He cant do so.

If there is no agreement, why you are paying interest @60% p.a.

Answered on 4/24/12, 1:18 am

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