Clarification in Promissory Note Registration Clarification in Promissory Note Registration

4 years ago

I am sanctioned a loan from a private finance. They are providing loan in Demand Draft Only, not through RTGS. I asked for RTGS. But they told, "agreement will be registered under Promissory Note Registration - Book IV". In this registration, Loan can be dispersed by DD only; Not possible in RTGS". Is it true Sir? Are they genuine? Please clarify.

Kishan Dutt Kalaskar

Responded 4 years ago

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A.Dear Sir,
Firstly you must avoid taking loans from private finance companies. Be sure that no signed cheques are issued in their favour. Other guidance may be taken from local lawyers.
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Rameshwar Dadhe

Responded 4 years ago

A.Finance company always transfer the money on demand draft not RTGS
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