MOTHI LAAL (Manager) 03 July 2012
Dear Sir,
One know person borrowed funds Rs.50 lac from me for his business purpose @ 20% interest Per annum. Which amt was paid 20 instalment.
I got 20 Pro-Notes from him with witnesses his son .
From 2009 to till date he paid monthly interest without default.
3 years finished from Apil 2012. but the person want to continue further what can i do ?
how to execute agreement further agreement? what is the procedure pls advice
Ajit Singh Cheema (practising Advocate) 05 July 2012
Such heavy loans as rs fifty lacs only should be handled with utmost care particularly when they are in personal capacity and there is no other security to fall back upon. The promissory note ,should be supported by stamped reciept of money, terms of loan agreement entered ,should clearly be agreed upon under a loan agreement and preferably duly filled in cheques for payment of monthly instalments be secured.
Adv Rohit Dalmia 9324538481 (Lawyer) 07 July 2012
Hi this is Advocate Rohit Dalmia from Mumbai.
Incase you require any legal assistance you may call on 9324538481.
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