 The loan runs for a year, with two months grace for redemption before sale.There were also pawnshops conducted by individuals, who find it very difficult to compete with the companies.These shops can only be opened by a police permit, which runs for five years, and security, varying from 100 to 700, has to be deposited; 2% per month is the limit of interest fixed, and two months grace is allowed for redemption after the period for which an article is pledged.