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If you want to start a business where you give loans to people or small businesses, then you need a money lending license. This license is like legal permission from the government, so you can run your loan business smoothly and without any trouble.
In India, the money lending license is given under the Indian Money Lenders Act, 1963. Once you meet the rules and conditions, the license is issued by the Sub-Divisional Magistrate (SDM) of your area (tehsil).
This license is important for anyone doing finance business like personal loans, business loans, etc., except for companies that are already regulated by authorities like the RBI.
At E Accountax Manager, we make the process simple for you. From paperwork to getting the license, we take care of everything so you can focus on growing your finance business without stress.
Documents Required for Money Lending License in Rajasthan
To apply for a money lending license in Rajasthan, you need to keep these documents ready:
• PAN Card – To confirm your identity.
• Aadhar Card – For both ID and address proof.
• Income Tax Returns (Last 3 Years) – Along with your income details.
• Resident Certificate – As proof that you live in Rajasthan.
• Character Certificate – Two copies signed by a Gazetted Officer.
• Bank Statement (Last 1 Year) – To show your financial status.
• Affidavit for Money Lending – To declare your purpose and financial standing.
Important Rules as per the Indian Money Lenders Act, 1963
• License Validity – The license is valid for 3 years.
• Interest Rules – You can’t charge interest more than the loan amount.
• Interest Rate Limit – Maximum 9% per year for secured loans, and 12% per year for unsecured loans.
• Display of License – You must display your name and license number (in Hindi) at your shop or office.
• No Blank Cheque – You are not allowed to take a blank cheque as security from borrowers.
Easy Steps to Get a Money Lending License in Rajasthan
• Fill the Application Form – Start by filling Form No. 2 to apply for the money lending license.
• Submit Your Documents – Submit the completed form along with all the required documents to the concerned government office.
• Police Verification – Your background check will be done by the police as part of the process.
• Get Your License – After everything is verified and approved, your money lending license will be issued.
Why This License Matters?
If you want to legally start a money lending business in Rajasthan, you must follow the rules under the Rajasthan Money-Lenders Act, 1963. You must:
• Get a valid license from the government.
• Follow the fixed interest rates: 9% per year for secured loans and 12% per year for unsecured loans.
• Never charge more than allowed — doing so can lead to legal trouble.
These rules are made to protect borrowers from high interest rates and ensure fair lending practices.
Conclusion
Getting your money lending license the right way is very important to avoid any legal issues and run your finance business smoothly. If you need expert help, E Accountax Manager is your trusted money lending license consultant in Rajasthan. We’ll handle everything so you can focus on your growth.
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