Documents to be taken while giving HAND LOAN to frends

MADHU SUDHAN (Querist) 30 July 2017 This query is : Resolved
What are the legal documents to be required
While giving HAND loans to family/relatives.
Please advise me for security purpose

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Advocate Bhartesh goyal Online

(Expert) 31 July 2017
[1] promissory note
[2] Receipt of loan amount
[3] blank but duly signed cheque

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Guest (Expert) 31 July 2017
Sorry Mr.Bhartesh Goyal taking a blank cheque should not be advised in Legal Forum which would be the root cause of many criminal activities when it gets misused

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Advocate Suneel Moudgil (Expert) 31 July 2017
agree with Mr Narasimha,
you van take amount filled cheque

Advocate Bhartesh goyal Online

(Expert) 31 July 2017
Thanks,Mr Rajkumar & suneel,it was actually typing mistake,it should be " blank dated but duly filled and signed " hequec.

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Rajendra K Goyal (Expert) 31 July 2017
You can take pronote with receipt of money give.

You can take post dated cheques if repayment dates are pre-decided. Take receipt of money paid.

Effect payment through Banking channel.

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Guest (Expert) 31 July 2017
Welcome and appreciated Adv.Mr.Bhartesh Goyal

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Dr J C Vashista (Expert) 01 August 2017
Well advised by experts, I agree.
However, on the one hand you are stating the borrower as "family/relative" on the other you are asking for document required to secure your amount, what a fantastic family/relation?
Moreover, a general perception to remember that a loan advanced to a family member or a relative is charity and forget its return without spoiling your relations.

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