Terms of contract are sacrosanct
2) if you have agreed to pay interest at 24 per cent your friend can recover said amount from you if he is not a money lender
3) . No person can carry on a business of moneylending except in accordance with the licence issued to him under the Money Lenders Act of yiur state .Under the same Act, the government is empowered to fix the maximum rate of interest for secured and unsecured loans. For instance Under the Karnataka Prohibition of Charging Exorbitant Interest Act 2004, no person can charge an interest of more than 18 per cent per annum. Any person who charges interest above this rate is liable for imprisonment for a term that may extend to three years and also a fine that may extend to Rs 30,000.