Important please see this

sanjay dont worriedabout your principa  and interest.there is no restriction to claim interest.i dont understand the actual rate of interest if your version is correct 3% interest equql to 25 paise.ithink 3% in your calaculation equal to 3 rupees per annum to every hundered.coming to the point to your query you have every right to file a suit on the file of your local jurisidiction.immidiately you approach a qualified advocate to file a suit for recovery of your principa and interst also costs incurred to the litigation .there is no prohibition to reduce the particulars ofloan in to non judicial stamp paper. 

sanjay dont worriedabout your principa  and interest.there is no restriction to claim interest.i dont understand the actual rate of interest if your version is correct 3% interest equql to 25 paise.ithink 3% in your calaculation equal to 3 rupees per annum to every hundered.coming to the point to your query you have every right to file a suit on the file of your local jurisidiction.immidiately you approach a qualified advocate to file a suit for recovery of your principa and interst also costs incurred to the litigation .there is no prohibition to reduce the particulars ofloan in to non judicial stamp paper. 

dear sanjay.you have got enough evidence to prove your debt. for example-withdrawal of rs from bank. on next day payment to friend. if interst rate is 3% per annum,it is permissible in law. document bears signatures. execution & receipt of consideration on record. file civil case & try your luck.-prakash chandra jain advocate indore m.no.-09479848437(facebook/prakash jain)

It seems that the interest rates agreed are 36% p.a. do u hold any money lender license. With respect to rate of interest is concerned court will award bank interest even though u write any rate with the principal amount if proved. Just prove that he had borrowed and defaulted in repayment. U run a risk of income tax problem.

no neccessity to hold money lendor license to claim 36% interest it is sufficient the holder is a tax assessee.as per interest act it is not possible to grant interst two times of principal amount .as per sanjeev query it is highly imposssible to cross that level so it is free to him to proceed further.

Atleast is it possible to get my 3 lakhs even if the interest is not paid. Will the court take this agreement as valid or not. Will the court order to get give atleast 300000. Eventhough it is said as 36% p.a. but still he didnt pay any interest for almost a year. The total money he paid as interest is only 15,000 for 15 months