Can loan be given over post dated cheques assurance

Hi,a friend of mine is asking for loan of around 2,50,000 .he is assuring me with post dated cheques for next year with stated secure would my loan be to him.

Answers (2)

271 votes

You can give the same but whenever you take blank check remember it that nothing to be written on it except signature. And in addition to this you could do one thing more ask him to give an undertaking to the effect that "I .........Is taking loan of rs.......... From............ And I promise to repay the same within a period of........In default it would be open to take any legal action against me."
Crossed Signature on rupees one revenue stamp. With date. For further clarifications please feel free to contact.

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101 votes

A loan cannot be given after taking post dated cheques to anyone including your friend. Though you can lend him money by giving interest free but you must make a registered agreement but you don't wanna pay stamp duty so u can make a 11 months notarize agreement by mentioning those undated cheques no.

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