Procedure belongs to doing finance business

Bala (Querist) 22 October 2011 This query is : Resolved
Hello sir
I like to know what is the procedure to doing finance business as "Giving loans to the parties and get back it"
And "What documents i will signed from him as like PROMISSORY NOTE OR STAMP PAPER"

How long amount Promissory note is valued?
When we give loan to a person as 20000
What will i get from him?

Follow Query

Report Abuse

Sailesh Kumar Shah (Expert) 22 October 2011
1.First check the money lending act as applicable in your state.

2. In which capacity-you start business?

ajay sethi (Expert) 22 October 2011
you need to have money lending licence . in absence of licence if you give a loan and the other party defaults in repayment you will have difficulty in recovering the same

prabhakar singh (Expert) 24 October 2011
Yes ,a person who desires to do money lending business needs all of first a licence generally granted by the district Magistrate.

Any promissory note of any amount is valid for 03 years from it's date of execution.

Interest rates may also be subject of regulation.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries