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How to recover loan given to friend


04-Jul-2023 (In Recovery Law)
I gave loan of Rs 29 Lac to friend when He was in Dubai , UAE . Money was given to him in AED ( UAE currency ). He lost the job and moved to Mumbai , India . He still acknoledges that he has to pay me money to me but its getting delayed . I am NRI still based in UAE . There was no paperwork done at the time of giving loan Question : Can I do any sort of paperwork now In India , to protect my loan amount legally in India . Friend would be ready to sign such document ?
Answers (3)

Answer #1
886 votes
Firstly you hav no right to give lone to any one. If you hav provided handlone to your friend as help or due to friendly relation it may allow. Second have to intimate your friend through Advocate legal notice
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Answer #2
739 votes
Please execute some legal document with your friend, wherein he must admit of receipt of the said loan amount and ready to pay in near future (put the date otherwise the issue of limitation may come). The said document would be used for the purposes of recovery of the said loan amount, in case your friend default in making repayment. Contact some lawyer for the purposes of drafting the document, wherein your friend acknowledge about recipient of the said loan amount.
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Advocate Rajesh Singh

Adv. Rajesh Singh

LawRato Mumbai | 25+ Answers
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Answer #3
878 votes
Kindly take in writing a receipt from your friend in the form of promissory note and also mention the amount correctly. Kindly also specify the time line of repayment. Put a promissory stamp on the said promissory note. To secure it further you can also take blank cheques from him along with the promissory note. For any further clarification, kindly book a consultancy call.
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