You can carry on money lending business but you need to obtain licence under money lending act 

Money lending business is legal. But before starting money lender business one should have money lender licence to run the business then s/he can run the business.

See you need to get a money lending license to lend money and charge interest as per the government approved rates. Without license interest cannot be charged only a friendly loan can be given.

Money lending business is not legal. People do lend money at exorbitant rates.

it is legal for an individual to lend money to other at an interest rate, in India.

According to the Indian Contract Act 1872, an agreement between two person which is accepted by both the parties and enforceable in the court is valid.

Therefore, any interest rates that are mutually agreed , irrespective of the %age of interest, is valid in the eye of law.

conditions:

1. Party to the contract should not be a Minor ( i.e. below 18 years of age or 21 year of age unless specified by court)
2. The conditions in the contract should not be against the law.
3. The conditions in the contract should not be against the Constitution.
4. The money (read as the Principal amount) or the interest thereon should not be used as in illegal purpose such as in speculative activities etc
5. The contract should not be under any influence or threat to any of the parties.

Above are some major cautions to be taken into notice while executing such contract/s.

The relevant portion of the law as provided in  "Bihar Money-Lenders Act, 1974 Bihar Act 22 of 1975" is given below for your information: 

4. Register of money-lenders. - (1) Every Anchal Adhikari or such other Officer as may be appointed by the State Government by notification in this behalf published in the Official Gazette, shall maintain a register of money-lenders in such form and containing such particulars as may be prescribed.

(2) Such register shall be deemed to be public document within the meaning of the Indian Evidence Act, 1872.

5. Registration of money-lenders and registration fee. - (1) Every moneylender shall get himself registered and unless he is so registered it shall not be lawful for him to act as such.

(2) For the purpose of registration as a money-lender a person shall make an application in writing stating therein-

(a) the name and address of the applicant;

(b) the name and style under which he carries on or desires to carry on business as a money-lender;

(c) the principal places of his business and the branches thereof, if any;

(d) whether any certificate of registration previously granted to him under the Act has been cancelled;

You need a money lending licence to give money on credit and charge interest for the same.

Money lender license is usually granted by the Revenue Department within 3 to 4 months from the date of submission of the application form. Once the application is received, it is valid for one year. However, there are a few factors that have to be taken into consideration while issuing/renewal/endorsement of a license:

Whether the person has the competency to run a money lending business.
Whether the applicant’s premise is an apt place to run the business.
Whether granting the permission would be against the public interest.

Money lending is legal business.

For doing the said business you need to obtain Licence under Money Lending Act.

Upon obtaining licence, you may start the lending business, and make sure that, you need to adhere to the interest rates to be charged on the money lent by you, and that, you maintain relevant records / accounts.

Do the entire business through Bank only.

- Yes , money lending business is legal , but a licence is needed under the Bihar Money Lenders Act. 
- Anyone who wants to start a business of money lending , should apply in the office of Tehsildar/Registrar /Anchal Adhikari 
- The following details are needed for getting a licence :-

(a) the name and address of the applicant;

(b) the name and style under which he carries on or desires to carry on business as a money-lender;

(c) the principal places of his business and the branches thereof, if any;

(d) whether any certificate of registration previously granted to him under the Act has been cancelled; and

[(dd) In case of a company, it has obtained a Registration Certificate under Section 45-1 A(1) of Reserve Bank of India Act, 1934 and its photo copy have been attached with the application].

(e) such other particulars as may be prescribed.

- Further Every application made with the prescribed registration fee, and shall be presented to the Anchal Adhikari
 within whose jurisdiction the principal place of business referred to in clause (c) of sub-section (2) is situated.
- This registration certificate is remain in force for five years from the date on which it is granted. 

Good luck and dont forget to rating Positively. 

Money lending business by an individual provided he has a Money Lending License with him.

A company can so carry on such business provided it has necessary lionesses issued form RBI and SEBI.

Without these lending money for commercial gain is a criminal offence. 

It is legal. One should apply registration and obtain license from govt. 

1. ONLY a licensed & registered Money Lender can do business of Lending Money etc.... on Interest basis.

2. Anybody who has investments, can apply to the competent authority, with relevant forms & fees for a license, which is renewable every year and you have to file returns every year.

Money lender license is usually granted by the Revenue Department within 3 to 4 months from the date of submission of the application form. Once the application is received, it is valid for one year

2) 

The following documents are required to obtain the money lending license.

• Form A application form.
• Passport size photographs.
• Three specimen signatures mentioning the money lenders name or his nominee.

3)following factors are considered while granting licence 

Whether the person has the competency to run a money lending business.

• Whether the applicant’s premise is an apt place to run the business.
• Whether granting the permission would be against the public interest.

Every person as per the money lenders act in bihar is eligible there is procedure and authority appointed for obtaining a license as per prescribed procedure.

A money lender is someone who lends small amounts of money at a higher rate of interest. The reason for charging higher rates of interest is that the money lender faces a higher risk of default than normal banks due to various reasons. 

Money lender license is usually granted by the Revenue Department  on the basis of the confirmation of  following eligibility conditions:

• Whether the person has the competency to run a money lending business.
• Whether the applicant’s premise is an apt place to run the business.
• Whether granting the permission would be against the public interest.

Any person above 18 years. 

1.Anyone who wants to start money lending business has to register with the State Government and obtain the money lending business and then only start the business.

2. Whoever is interested and appplies for money lending business is eligible for a money lending certificate.

Vist the RBI AND SEBI office for this. Eligibility criteria differs with people applying for it. 

Money lender license is usually granted by the Revenue Department within 3 to 4 months from the date of submission of the application form. Once the application is received, it is valid for one year. However, there are a few factors that have to be taken into consideration while issuing/renewal/endorsement of a license:

• Whether the person has the competency to run a money lending business.
• Whether the applicant’s premise is an apt place to run the business.
• Whether granting the permission would be against the public interest.

Any one above 18 years.

There is a state wise Act for money lending. You need to have a valid money lending license for the same

1. An financially capable Individual /Proprietor Firm /LLP/ OPC /Pvt. Ltd. Co., are eligible for Money Lender License.

- Even you can apply for getting the same , after forming a firm .

1. Yes money lending business is legal if lender have licence of money lending business.

2. Any person who have capacity to lend money can apply for licence. 

No person can carry on a business of money except in accordance with the licence issued to him under the Money Lenders Act .

money lender desiring to carry on the business of money lending in any area shall make an application before revenue department.

Person who has financial capacity / liquidity

Infrastructure, Office space as per specifications.