12 Апр Sample Personal Loan Agreement Between Friends In India
For example, an employee of your local bank is an excellent choice to use as a third party`s witness because he has no personal interest in how the loan is recovered or in the loan itself. There is also the possibility of suring it by an official notary. Hello Sreekanth, I am ashish, I gave my uncle the sum of 7lakhs 50 thousand to 1.5% interest per month. We wrote a four-year deal. he didn`t even give me the amount of interest (he used to give some money for my expenses if desired) I asked him to be accurate in terms of money. I asked him to write everything down transparently and on paper. As the date of the agreement approached, I asked him to look at our account to avoid any misunderstanding about the money. He denies checking the accounts and asks me to execute another agreement because he is not able to pay the amount. In fact, he doesn`t give me a specific date when he`ll pay me back. Propose a solution to this problem. (My concern is that if my uncle suddenly retires, the family members will not safely reimburse me).) That`s my concern and asked my uncle to make them family members to sign on the agreement (or surity), he also denies that. In fact, our agreement will be concluded on the 14th of this month.
Please give a solution to my problem, I am concerned, because I only have this money for my savings. A communication lies somewhere between the informality of an IOU document (I Owe You) and the rigidity of a credit contract. An IOU document simply acknowledges the existence of a LOAN. An Créditsory Note not only recognizes that there is a credit, but also contains a specific payment promise. I bought some property by boroughing money from relatives and friends 3 years ago…. no work writing now I received income tax letter… all my friends and relatives agree to confirm the amount they gave what I should do? do I have to get PN from them to show the amount and submit it to income tax?? The loan agreement is a contract between the borrower and the lender that sets the terms for the loan to the borrower.