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Lending money to relatives legally
05-Sep-2023 (In Civil Law)
Dear Sir, I want to lend money to my relatives/Friends on interest, lending money is crime ? I m not having any license but I want to lend also I want to bind peoples legally... Pls guide me for the same
If you want to bind your relatives you can take postdated cheques from them but keep in mind it should bear their signature as well as your name and amount. also alternatively you can make a notarized agreement for and of the same. also please do not mention any thing such as interest etc on it...as you do not have a license to do the same.
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Adv. Vikram Vishwas Kulkarni
Karad | 100+ Answers
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EVENT IF IT IS YOUR RELATIVE IT IS IMPORTANT TO LEGALLY BIND THEM BY MAKING A MOU OR A NOTARY OR A LOAN AGREEMENT WHICH CAN BE REGISTERED IN YOUR NEAR REGISTRAR OFFICE AND YES YOU DONT NEED A LICENSE TO LEND MONEY TO ANYONE!
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Adv. Darshan Subhash Oswal
Pune | 100+ Answers
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