Shall I prepare a personal loan agreement for loan given to a friend?
1 year ago
My very close friend's son is purchasing a house in Ireland. He has asked me for helping him with a loan of Rs.10 lakh which he would return in two years. Shall I prepare a personal loan agreement ? On what value stamp paper ?
Or shall I take a promissory from him ? On what value stamp paper ?
A.Dear Client
Whenever you are doing a financial transaction of giving money to someone, a substantial amount, then you should and must have a written document in place to prove later on that money was given by you. In case anything goes wrong then that piece of paper will bail you out.
Along with a loan agreement I would suggest that you also take few post dated cheques from him as security.
Whenever you are doing a financial transaction of giving money to someone, a substantial amount, then you should and must have a written document in place to prove later on that money was given by you. In case anything goes wrong then that piece of paper will bail you out.
Along with a loan agreement I would suggest that you also take few post dated cheques from him as security.
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Anonymous
Replied 1 year ago
Sir, Stamp paper of what value is to be used for preparing loan agreement of Rs.10 lakh ?
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