About loan to friend
3 years ago
I want to give my friends loan of 1 crore 50 lakhs.. what security process do I need to follow.. promissory note notarized is valid or not
A.Dear Sir,
Get blank signed cheque's along with other documents.
Get blank signed cheque's along with other documents.
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Ankur Goel @ Complete Law Shield
Responded 3 years ago
A.such huge loan on what reason ?
no security ?
promissory note notarized is valid but risky and reason of loan is most important.
have strong and proper witnesses if going for it.
no security ?
promissory note notarized is valid but risky and reason of loan is most important.
have strong and proper witnesses if going for it.
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A.hey,
promissory note is valid.
A Promissory Note documents the legally binding promise that a borrower makes to pay back a loan under certain terms and conditions. However, unlike an IOU that simply acknowledges a debt amount, a Promissory Note goes into detail about the consequences of failing to repay a loan. For instance, this form typically includes details of the original loan amount, any applicable interest rates, a repayment plan, and collateral security.
if you like my answerpls give me a good rating.
promissory note is valid.
A Promissory Note documents the legally binding promise that a borrower makes to pay back a loan under certain terms and conditions. However, unlike an IOU that simply acknowledges a debt amount, a Promissory Note goes into detail about the consequences of failing to repay a loan. For instance, this form typically includes details of the original loan amount, any applicable interest rates, a repayment plan, and collateral security.
if you like my answerpls give me a good rating.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.hey,
promissory note is valid.
A Promissory Note documents the legally binding promise that a borrower makes to pay back a loan under certain terms and conditions. However, unlike an IOU that simply acknowledges a debt amount, a Promissory Note goes into detail about the consequences of failing to repay a loan. For instance, this form typically includes details of the original loan amount, any applicable interest rates, a repayment plan, and collateral security.
if you like my answerpls give me a good rating.
promissory note is valid.
A Promissory Note documents the legally binding promise that a borrower makes to pay back a loan under certain terms and conditions. However, unlike an IOU that simply acknowledges a debt amount, a Promissory Note goes into detail about the consequences of failing to repay a loan. For instance, this form typically includes details of the original loan amount, any applicable interest rates, a repayment plan, and collateral security.
if you like my answerpls give me a good rating.
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