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Loan documentation procedure legal
3 years ago
What is the legal way to document a loan being given to a relative? What terms can be covered like rate of interest, principal etc..in it?
A.For a relative loan Do make a promissory note & PDC- POST DATED CHEQUE & it should be executed in very strict manner.
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ADV. ANISH PALKAR (High Court)
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ADV. ANISH PALKAR (High Court)
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A.Hi,
A legal loan agreement or promissory note signed by the two parties is a great way to remove the transaction from the level of friendship and place it in a formal context. This can help reassure the friend loaning the money that the borrower is serious about repaying the note and considers the loan to be a serious debt. All the particulars relating to loan can be mentioned in the document.
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A legal loan agreement or promissory note signed by the two parties is a great way to remove the transaction from the level of friendship and place it in a formal context. This can help reassure the friend loaning the money that the borrower is serious about repaying the note and considers the loan to be a serious debt. All the particulars relating to loan can be mentioned in the document.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
A legal loan agreement or promissory note signed by the two parties is a great way to remove the transaction from the level of friendship and place it in a formal context. This can help reassure the friend loaning the money that the borrower is serious about repaying the note and considers the loan to be a serious debt.
If you find this answer helpful, please rate us.
A legal loan agreement or promissory note signed by the two parties is a great way to remove the transaction from the level of friendship and place it in a formal context. This can help reassure the friend loaning the money that the borrower is serious about repaying the note and considers the loan to be a serious debt.
If you find this answer helpful, please rate us.
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