Dear Sir,
One known person borrowed funds Rs.70 lac from me for his business purpose @ 27% interest Per annum. Which amt was paid 20 instalment within 30 months(April 2009 to April2012).
I got 21 Pro-Notes from him with witnesses of his son .
From April 2009 to Mar,2012 date he paid monthly interest without default.
I know actually he is genuine person, but this is money matter ……………….. money make anything
He was running proprietor concern - Food type Retail & wholesale , good Brand name with profitable business in last 5 yrs.
Last 2months he was not paid my interest amount due to some financial problem and his illness.
So I suddenly sent 2months notice period of demand letter through register post with acknowledge mail to him.
After got my demand notice he and his family member discuss with me directly.
What they request “ we have some financial problem now so we will settle 5 months interest part Rs.7.88Lakhs only (april 2012 to Aug,2012) on September 2012.
After September my son want to take run my business so please give 1year time we will settle principal amount 70lakhs, and charge interest 18%per annum after September will make interest on regularly”
I will accept their request with 20% interest per annum.
My query is : How to execute and draft agreement? With above condition
Or promissiory note is enough?
Please give me advice
