How to claim interest on money?
I had given ₹10 lakh to a family member. He returned the same amount after 18 years, but without any interest. How can I claim interest on this amount? I have bank proof of the money given and the money received.
Dear client, If you gave a loan of 10 lakhs without any written agreement of taking interest then it may be difficult for you to claim an interest on the loan after 18 years. Still you can send a legal notice prevailing for reasonable interest demanded. If you have some chats, witnesses, anything written then the civil recovery suit will be stronger. Check the limitation issue also instantly with a lawyer. If you have any query please feel free to contact us.
Dear Client, You can claim interest only if there was an agreement, usage or legal entitlement for interest. Under Section 34 of the Code of Civil Procedure, 1908, courts may award interest in a money recovery suit from the date of filing and, in certain cases, for the prior period if justified. If no written or oral agreement for interest existed, recovery of past interest becomes difficult. You may file a civil suit for interest based on implied understanding or unjust enrichment principles. Bank records are admissible as evidence under Sections 61 and 63 of the Bharatiya Sakshya Adhiniyam, 2023. Limitation under Article 19/21 of the Limitation Act, 1963 may apply.
If you gave ₹10 lakh as a loan and there was no written agreement for interest, claiming interest after 18 years may be difficult. Still, you can send a legal notice demanding reasonable interest. If you have chats, witnesses, or any written promise, a civil recovery suit may be stronger. Also, check the limitation issue immediately with a lawyer. For further legal assistance contact us on our helpline number.
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