Dear Shri Sreekanth, I lent my friend a sum of Rs. 3 lakes, with no interest in hoping that he would pay it back. One year is already over. The last time I contacted him, he said he was not able to pay it back now. But I still hope he will return the money, if he can. Now he`s out of touch. Dear Kumar. You can make a DD transfer or payment and a written document (may be on the company`s header) indicating that the a/c a/c loan has been paid and that they will issue NOC until then and so date. A loan agreement, also known as a long-term loan, on-demand loan or loan contract, is a contract that documents a financial agreement between two parties, one being the lender and the other the borrower. A loan agreement is a legal contract between a lender and a borrower that defines the terms of a loan. A credit contract model allows lenders and borrowers to agree on the amount of the loan, interest and repayment plan.
(i) Can I show the PN (who is now with me) in the U.S. court or the U.S. government to prove that (I transferred their money because) I borrowed money from it in 2010, when we were in India to offer medical treatment to my father? In other words, do the U.S. courts or the U.S. government recognize the PN that was signed in India? If necessary, my wife is prepared to testify that the information contained in the PNs is true. For those who do not have a good credit history or if you do not entrust their money to them, because they have a higher risk of default, a co-signer will be included in the credit contract. A co-signer agrees to pay the credit in case of late payment of the borrower. I borrowed money from my father. If we both accept word-of-mouth propaganda for this loan and honor it, do we need a PN? In other words, is the borrowing of money by word of mouth legal as long as we do not have a dispute over this credit? Hello Sir, I am taking out a loan (interest-free loan) of my sister`s Rs 5 Lakhs for the purchase at home. Is it advisable to enter into a credit contract to avoid any tax impact on me or my sister? Please advice first, thanks for this information page.
In 2014, I lent two lakhs to a family friend who thought he had promised to pay it back «soon.» Two years have passed, and he apologises incidentally when I ask him for my money. I managed to get him to write a PN (on white paper, signed by 2 letters of turnover, 2 witnesses also signed the PN) dating back to 2014. My question is, is this PN sufficient (I also have the electronic receipt for the bank transfer I made and also recorded conversations with him) to legally force him to return my money? I would hesitate to bring them to justice if success is not guaranteed. How long this type of litigation lasts on average for judgment. Thanks again and wait for your comments. My father gave a loan of 10 lakes to his neighbour with 2% interest and registered in by note. Now he is not paying the interest amount properly. Could you please suggest how we could take legal action against him, what is the procedure? Pronote was published on 2014 Sep. Is it not possible for the banker/your mother to publish the copy of the contract, you sign it and let it fill in the remaining case?? Just ask! They may start collecting interest or increase the interest rate if the borrower does not make a payment on time.