LawRato

Document required as proof of loan given to friend in case of recovery


03-Jan-2023 (In Civil Law)
I would like to lend money to a friend of Rs.10-15Lakhs, 1) Can i write the same on the stamp paper? 2) Is it sufficient for me to sue him, in case of default?
Answers (3)

Answer #1
772 votes
yes it is sufficient to lent money but you have to receive empty stamp paper and also filed one in case of default you will be file case with interest , second such a huge amount of recovery , you have to shown Income tax returns and take precautions
Helpful? LawRato19+ LawRato
Advocate Pathikonda Murali

Adv. Pathikonda Murali

LawRato Chittoor | 100+ Answers
Chat with Advocate Pathikonda Murali Chat 
Answer #2
753 votes
Dear, Yes. You can take your friend's acknowledgement of the money received by him/her on a stamp paper. In addition to this, ask him/her to execute a promissory note undertaking to repay the amount received from you and also ask demand him/her to issue signed blank cheques for security purpose that can be presented when the need arises. This is enough to sue your friend in case of his/her default in repayment of the money due.
Helpful? LawRato13+ LawRato
Advocate B. Srikiran

Adv. B. Srikiran

LawRatoHyderabad | 5+ Answers
Chat with Advocate B. Srikiran Chat 
Answer #3
605 votes
HI You should pay the money through bank to your friend and also get the following a) A promissory note duly signed by your friend in front of 2 witnesses. Promissory note should be sufficiently stamped used Rs1-/- revenue stamp. b) Please collect post dated cheques form your friend c) Optional- If a loan agreement on a stamp paper can also be executed by your friend and the same is attested in front of 2 witnesses, it should suffice.
Helpful? LawRato10+ LawRato
Advocate Rajagopalan

Adv. Rajagopalan

LawRatoHyderabad | 25+ Answers
Chat with Advocate Rajagopalan 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.

Report abuse?

Connect with top Civil lawyers for your specific legal issue
Connect with a Lawyer
Comments by Users

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."

All Answers

Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

LawRato