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What if the mentioned individual is not a registered money lender ?
4 years ago
I need to take loan from an individual for a period of 10 years. I will pay him fixed percent of interest every month on time. But i want to repay the loan in uncertain percent of loan amount in installments such 1st month - .50% installment, 2nd month - 1% installment, 3rd month - .80% installment 4th month 2% installment. I want to repay the loan by these uncertain installments every month. Is it legally possible if individual agrees ? What if the individual is not a registered money lender ? Is it possible to take such loan from such individual ?
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