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Friend borrowed ₹1,12,710 at 14% interest; ₹69,198 remains due.


13-Sep-2026 (In Recovery Law)
I lent ₹1,12,710 on 09/08/2024 at an agreed interest rate of 14% per annum to help repay the borrower’s Flexi Loan. The borrower has repaid ₹62,670 so far but has not been making regular payments. The outstanding amount is currently ₹69,198, including interest. What legal steps can I take to recover the outstanding amount, and can I send a legal notice through an advocate demanding full payment within a specified period?
Answers (2)

Answer #1
893 votes
Yes. Send a legal notice through an advocate demanding ₹69,198 with interest within 15 days. If unpaid, file a recovery suit (a summary suit under Order 37 CPC if you have written proof). Keep your bank records. The limitation period is 3 years.
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Advocate Arti Mulani

Adv. Arti Mulani

LawRato Ahmedabad | 25+ Answers
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Answer #2
805 votes
You have not clarified that whether there is any license you hold for lending money on interest; neither you have mentioned any written agreement to this effect. Subject to these two riders, you could engage a lawyer to send a legal notice demanding the remaining amount to be paid in a specified period.
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Advocate Nisarg J. Desai

Adv. Nisarg J. Desai

LawRatoAhmedabad | 100+ Answers
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