Kerala - Apply for Money Lender (Loner) Licence

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Procedure

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 Online

1. To apply for money lender licence, the applicant has to use the following link
2. On the opened site the applicant has to login with your login credentials if you are already a user or you can register as a new user by clicking on “e-registration” option and click “New user” button.
3. After successful login, please click on the option “money lender licence”.
4. On the opened page, the applicant fills the required information & uploads scanned documents.
5. The applicant has to check all the information provided and click on “Save & proceed” option.
6. Now check once and click on “Submit”.
7. After receiving the application, the concerned authority will check the submitted application and document set. If all are in place, the application will be accepted.
8. All applications are processed within a reasonable time, having regard to the particular circumstances of each application, including the completeness of information and documents submitted to the authority by the applicant.
9. The authority may seek additional information from an applicant if this is necessary to assess the application. The authority does not need to deal further with an application until the applicant has provided this additional information.
10. Once the process is completed, the applicant gets a call from the office regarding the application.
11. For further process, the applicant has to follow the instructions given by the officer.
12. This entire process can be completed within 7 to 15 days or as per the timeline advised by the respective department authority.

Apply In-Person

1. To apply, the eligible person has to apply with required documents to the commissioner of commercial tax designated to process the request.
2. Link for contact details link
3. Please go to the respective office. Consult with the respective authority about the updated information to acquire the license.
4. Get the form for this license or write on a plain paper as advised.
5. Submit the completed application along with required documents to the receiving authority.
6. Authorities after checking the application and documents will make entries at the respective register and provide applicant a record number for reference.
7. Keep it safe for future reference.
8. This application will be processed further.
9. 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.
10. 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.
• Link for Act :link and the update on the act is available in the following link link

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Required Documents

• 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 & Contacts

Commissionorate
9th Floor, Tax Tower, Killppalam,
Karamana P.O, Thiruvananthapuram,
Ph: 0471-2785202, 2785203
E-mail : [email protected]
Contact link : link

Eligibility

• Age : 18 years and above (If minors are applying then apply through a guardian)
• Citizen of India
• Applicant should not 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.

Fees

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

Validity

• Valid for 1 year or as per the period mentioned
• Usually the license needs to be renewed annually.

Documents to Use

Application form: link

Sample Documents

FORM OF APPLICATION FOR THE GRANT OF MONEY LENDERS LICENCE:

1. Name of the applicant :
2. Address in full(any subsequent change should be notified) :
3. Father’s Name :
4. 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.

5. Address of the shop or place of business in  :

   respect of which the licence is applied for

   (Any subsequent change should be notified)

6. If the applicant has more than one shop or  :

   place of business, the address for each such

   shop or place of business

7. Has the applicant applied for a separate  :

   licence in respect of each shop or place of

   business mentioned against ithem 6 and if

   so with what result?

8. Date of commencement of business  :
9. Financial year for which the licence is applied for  :
10. The amount of money proposed to be lent during  :

    the financial year.

11. Has the applicant paid the prescribed fee  :

    for the licence (The chalan receipt or other

    evidence of payment of fee should be enclosed)

12. 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 Time

• This entire process can be completed within 7 to 15 days or as per the timeline advised by the respective department authority.

Related Videos

Videos explaining the procedure or to fill the applications. 
Attach videos using the following tag <&video type="website">video ID|width|height<&/video&> from external websites.
Please remove the "&" inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url "http://www.youtube.com/watch?v=Y0US7oR_t3M" Video ID is "Y0US7oR_t3M". 

Instructions

• Applicants must complete the application form before submitting it. Incomplete applications will not be accepted.
• Applicants must provide genuine information while applying for this procedure.
  
  

Required Information

• Full Name
• Age & Date of Birth
• Residential Address
• Contact Number & Email
• Aadhaar Card/PAN Card
• Name of the Money Lending Business
• Business Address
• Type of Business Entity (Sole Proprietor/Partnership/Private Limited)
• Details of Partners/Directors (if applicable)
• GST Registration (if applicable)
• Capital Investment Details
• Source of Funds
• Bank Account Details

Need for the Document

• 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 help

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

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Place some external links which might help.

Others

More information which might help people.