Jammu and Kashmir - Apply for Money Lender (Loner) Licence

ProcedureEdit

Those who wanted to start a money lending business should have to apply for a money lender licence to carry on business of money lending.
Apply In-Person

To apply for money lender, the applicant has to approach the revenue department of Jammu and Kashmir link
In this link the applicant need to select “Districts” to select the respective state from drop down list to reach respective portal. In the given page select menu “DIRECTORY” > “PUBLIC UTILITIES” > “Municipalities” OR “About district” >“Who’s who” for contact details.
Please go to the respective office. Consult with the respective authority about the updated information to acquire the license.
Get the form for this license or write on a plain paper as advised or download it from the online link form link
Submit the completed application along with required documents to the receiving authority.
Authorities after checking the application and documents will make entries at the respective register and provide applicant a record number for reference.
Keep it safe for future reference.
This application will be processed further.
If the applicant’s details are matching the norms and the place for which license sought is also approved, applicant gets intimation for the rest of the process.
Please follow the department’s guidelines in getting the sanction and obtain license.

Note:

All applicant has to follow the respective state money lenders act rules and regulations.
The Interest rate and tenure for the loan should be fixed as per state government norms.
Act - The Jammu and Kashmir Money Lenders and Accredited Loan Providers Act, 2010

Act No. 23 of

Required DocumentsEdit

Application form.
Identity proof.
Ration Card
Bank account details
Address of the shop or business (proof of address)
Fees paid details (Challan and details)
Education details
Residential Proof: Residential Certificate issued by Local administration office/ Aadhaar card / Passport / Driving License / Ration Card / Govt. Id card / Defence ID Card / PAN Card.
Age proof (birth certificate / school certificate)
Applicant passport size photograph.
Aadhaar card
Affix stamp as advised by authorities if required.

Note:

All original and copy of original with self attestation as advised by respective authorities to be submitted as per requirement.
Apart from the above documents authorities may ask to submit additional information or documents. Please provide them for processing.

Office Locations & ContactsEdit

Revenue Department,
Amar Colony, Jammu, Jammu and Kashmir 180002
Phone: 2549683,
Fax - 2566805

Link for contact: link1 and link2

Department of general administration,
R. No.2/16, 2nd, Floor main building, Civil Secretariat,
Jammu – 180001 Srinagar: R. No. 317, 3rd Floor, Civil
Ph :0191-2546765, 2570018,
Email :[email protected]
Contact link link

EligibilityEdit

Age : 18 years and above (If minors are applying then apply through a guardian)
Citizen of India
Applicant knowingly participated in or connived at any fraud or dishonesty in the conduct of or in connexion with the business of money-lending
The applicant should not have got his/her licence cancelled within last six months or the prescribed period before the date of current application.

FeesEdit

As authorities quote.
Charges for affixing stamp may be required.

ValidityEdit

Valid for 5 years or as per the period mentioned
Usually the license needs to be renewed annually.

Documents to UseEdit

Please attach documents that can be used by people. e.g. links

Sample DocumentsEdit

FORM OF APPLICATION FOR THE GRANT OF MONEY LENDERS LICENCE:

Name of the applicant :
Address in full(any subsequent change should be notified) :
Father’s Name :
If the applicant is a native of Indian State :
(i) Full address in such Indian State; and
(ii) Details of immovable properties owned
insuch states by the applicant, with

their estimated value.
Address of the shop or place of business in :
respect of which the licence is applied for

(Any subsequent change should be notified)
If the applicant has more than one shop or :
place of business, the address for each such

shop or place of business
Has the applicant applied for a separate :
licence in respect of each shop or place of

business mentioned against them 6 and if

so with what result?
Date of commencement of business :
Financial year for which the licence is applied for :
The amount of money proposed to be lent during :
the financial year.
Has the applicant paid the prescribed fee :
for the licence (The chalan receipt or other

evidence of payment of fee should be enclosed)
Whether the declaration in Form AAA has :
been appended.

Signature of the applicant.

I declare that the particulars stated above are correct to the best of my knowledge and belief.

Signature of applicant.

Processing TimeEdit

7 to 15 days

InstructionsEdit

Please provide instructions on obtaining the certificate/documents.
e.g. The state office holds birth records since january 1908.

Required InformationEdit

A list which displays the kind of information which is required to complete the procedure.
e.g.
1. Date of Birth.
2. City or County of Birth.

Need for the DocumentEdit

Any individual or a firm indulges in money lending business has to follow the interest rate advised, tenure for the loan etc.
This licensing process gives the applicant all vital information to be followed.

Information which might helpEdit

Avoid using fabricated documents to avail this license as it is punishable.
If the rules are not followed, punishment is inevitable.

External LinksEdit

Place some external links which might help.

OthersEdit

More information which might help people.