Interest and charges allowed to money lender:

(1)

3 (three) percent above the prevailing average bank rates of interest on loans advances by it. (2) The rate of interest shall be per annum simple interest on the principal amount of the loan. (3) The month or year used for the calculation of interest shall be month or year of the Gregorian calendar. (4) A money lender may demand or take from the debtor such other charges as may be prescribed.

(5) A money lender shall not demand or take from the debtor any interest in excess of that payable under sub-section

1. (1) or any charge, in excess of that prescribed under sub-section (4). (6)