Advancing of loan

Devendra Singh (Querist) 12 February 2014 This query is : Resolved
My father wants to advance a loan of Rs.5 Lacs to one of his friends...what legal formalities are required to be done so as to ensure that his money is safe..???

Follow Query

Report Abuse

Vidhi Joshi (Expert) 12 February 2014
Promissory note.

ajay sethi (Expert) 12 February 2014
take letter from friend that he wants a friendly loan . the letter should also mention when loan would be repaid .

the borrower can issued a cheque for repayment of loan for said amount . in the alternative issue promissory note in your father favour .

Rajendra K Goyal (Expert) 12 February 2014
Letter admitting friendly loan, Receipt of money (should be given through cheque) and post dated cheques should be taken.

R.K Nanda (Expert) 12 February 2014
EXECUTE PRONOTE.

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