Registeration of loan agreement

Querist : Anonymous (Querist) 13 September 2011 This query is : Resolved
Hi,
It is necessary to get regiter the Loan agreement where the Loan is Rs.25 Lakhs given by one individual to another individual? pls. also informed what will be the consequnce in case of Loan Agreement will not get register.

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ajay sethi (Expert) 13 September 2011
whether loan given by cash or cheque?
you can exchange correspondence wherein A requests B for loan . in reply B agrees to give loan . no need to enter into loan agreement .

Querist : Anonymous (Querist) 13 September 2011
Loan to be give in cheque, will promissory note will do???

Sailesh Kumar Shah (Expert) 13 September 2011
Q.will promissory note will do?
A.If you taken Promissory note against cheque.Nothing is requires further.

ajay sethi (Expert) 13 September 2011
yes promissory note will do . also obtain letter from person taking loan wherein he acknowledges receipt of loan and promises to pay within stipulated period with interest

Querist : Anonymous (Querist) 13 September 2011
Thanks all of you

prabhakar singh (Expert) 13 September 2011
If you are proposing to advance it by cheque it is very good.you need a letter of request from the debtor addressed to you requesting for the loan drafted in his own hand writing[preferably] and signed by him prior to the date of advance.

Then let him fill cheque/or cheque[s] of returns agreed between and these duly filled cheque[s]should be handed over to you along with one more letter drafted in his own handwriting[preferably] and signed by him,admitting the receipt of loan on his request letter so &so,and that to discharge the liability so created he is issuing cheque[s][numbers & Bank name should be noted]
DOING SO EVERY THING WILL BE LAWFUL.
Doing all this save a considerable cost that may attract in case you go for any agreement on stamp paper.

jatin sharma (Expert) 13 September 2011
yes the above experts are right

Shastri J.K. (Expert) 13 September 2011
I agree with above experts.

M V Gupta (Expert) 29 September 2011
Sorry Experts. The answers provided by you do not meet the question posed.The question posed is whether a loan agreement for advancing Rs. 25 lakhs by one individual to another is required to be registered. The answer is NO, if the loan agreement does not contain any clauses creating security on immovable property. A loan agreement containing only the terms and conditions for the advance need not be registered.

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