Personal loan agreement

Chetan Shenoy (Querist) 27 August 2013 This query is : Resolved
Hi,

I am looking for a sample loan agreement for a personal loan given by me to a friend. Can someone please send me a draft copy or advise where can I get one?

Thanks

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malipeddi jaggarao (Expert) 27 August 2013
Mere Demand Promissory Note is enough to cover the liability of personal loan. Take Post dated cheques to minimize risk of recovery.

Raj Kumar Makkad (Expert) 27 August 2013
We do not provide any sample, however, Promissionary note or the blank cheque are the options in such matters.

Chetan Shenoy (Querist) 27 August 2013
Thanks guys but I guess need some sort in writing...blank cheque is a good option but Promissory note do you have any thing handy-will change the wordings to suit my need! Please advise thanks

Rajendra K Goyal (Expert) 27 August 2013
You may approach your banker,if they wish they may oblige with a blank agreement, necessary ingredients can be noted from that.
Better is demand Promissionary note or Post dated cheques.

Raj Kumar Makkad (Expert) 27 August 2013
Most welcome for your appreciation but for personal need, you are required to approach a local lawyer who shall properly ensure the documentation.

V R SHROFF (Expert) 27 August 2013
Any Professional Money Lender nearby can give you.

malipeddi jaggarao (Expert) 28 August 2013
Available in stationery shops.

Chetan Shenoy (Querist) 28 August 2013
Thanks guys but I am in NZ & loan is given in India!

Rajendra K Goyal (Expert) 28 August 2013
Then try to obtain post dated cheques.

Guest (Expert) 28 August 2013
You can ask for free advice on general matters, but should not expect any expert to put considerable physical labour to draft documents for you free of charge. Better take hlp from a local expert, if you can't pose trust on your friend even. If you say him a friend, he can be deemed to be a trustworthy fellow, as untrustworty persons can never be made friends.

Also, if you are charging interest from the fellow, he cannot be your friend. You would be having merely a commericla relations with him. For commercial transactions, seeking any free help from experts is totally uncalled for.