Personal loan

P.C. Joshi (Querist) 16 January 2014 This query is : Resolved

Dear Friends,

A has to give a cash loan of Rs 35,000/- each to three of his relatives for personal use. Please advice what legal documents should A get signed from the three.Whether a duly signed receipt acknowledging the debt and commitment to payback the same on demand is sufficient Or a promissory note/unsecured loan should be executed and signed by them.

Please advice.

Thanks

P.C. Joshi

Regards,

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ajay sethi (Expert) 16 January 2014
dont give more than Rs 20,000 cash loan .letter signed by borrower acknowledging receipt of loan and promising to repay the said loan within _____period should suffice.

you can if you so desire take a promissory note from borrower .

Guest (Expert) 16 January 2014
Well advised by above Expert

Rajendra K Goyal (Expert) 16 January 2014
You should pay by cheque and get PDC as security.

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