Personal Loan - promissory deed
11 months ago
I can give loan to my friend of 1lakh 50thousand with 12%interest , it is legal ... With taking promissory deed
A.As per Contract Act, both the parties should be competent to entered into a contract for a legal and reasonable purpose having legal sanctity. While you are able to give loan you should check up repayment capacity of the other party either from CIBIL record or from other reliable source. Promissory Note does not ensure repayment of loan because of its complexity. So instead of Promissory Note you may for collateral security of equal amount of loan, so that in case of breach of contract you may recover the dues from the sale proceeds of collateral security.
Helpful
Helpful
Share
A.Hello,
As per the information you have given, yes it is legal with the promissiory note to give loan.
thank you.
As per the information you have given, yes it is legal with the promissiory note to give loan.
thank you.
Helpful
Helpful
Share
A.Dear Sir,
Better take one or two signed undated cheques which are more economical and within short period you will get the amount back.
Better take one or two signed undated cheques which are more economical and within short period you will get the amount back.
Helpful
Helpful
Share
Anonymous
Replied 11 months ago
I wanted to ask , it is legal or illegal to give money in interest , that's it..
Read Related Answers
Termination of contract
Dear client,
Please verify with the terms and conditions of the contract verify with if the project has been suspended temporarily or permanently. you can send a legal notice to the company for breac...
West Bengal Tender for Fortified Rice
Dear sir
You may challenge negative order either before higher authorities or by approaching civil court or High court.
Breech of Employment Agreement
Dear Client,
Here are the responses to your query no.1) What are some legal actions that they can raise? Ans: The company can file a civil suit against you for damages caused by a breach of its policy...
Fraud money by friend
Dear Client,
Unfortunately, in the absence of any documents/evidence supporting your claim from your friend, there is no possible way or legal remedy to recover the money from your friend even through...
civil law
Dear Client,
When a suit related to a property is sub-judice(pending) before a Court of Law, that cannot be a subject matter of an agreement or contract. Being aware of the facts if the parties made a...
Read Blogs on Contracts and Agreements
Contracts and Agreements Lawyers
Find Lawyers by Location
