671+ Lawyers are online 
What terms be included in agreement while lending to keep money safe?
17-Apr-2023 (In Recovery Law)
I want to lend money to a friend and take monthly EMI for the interest from him and keep the principle amount secured to take it back later. What all precautions should I take and what should be the key terms of my agreement so that my money is safe?
Kindly make a comprehensive document and the terms and conditions have to be mutually decided so as to ensure that your money is safe, however the key terms should be with respect to
i. Acceptance of the loan amount
ii. Amount of interest
iii. Payment schedule (this should be clear and unambiguous)
iv. Mode of payment
v. Recourse in case of default
vi. Governing law of the Loan Agreement.
Kindly take care that there should not be any void terms in the agreement or terms which are contrary to the law.
129+
Adv. Siddhant Sharma
Delhi | 200+ Answers
Chat
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
