Intrest on loan
Prashant K Gupta
(Querist) 06 June 2015
This query is : Resolved
I had given 2,60,000/- in 7 installment for vehicles running details are given below:
1) 15/01/2011 Rs. 35000/-
2) 02/08/2011 Rs. 20000/-
3) 19/02/2013 Rs. 50,000/-
4) 27/08/2013 Rs. 50,000/-
5) 08/07/2013 Rs. 20,000/-
6) 31/05/2014 Rs. 10,000/-
7) 11/12/2014 Rs. 75,000/-
After many request to he and his family they give me 5 cheques of total amount of RS. 2,60,000/- details are given below.
1) 02/05/2015 Rs. 50,000/- (Clear on 03/06/15)
2) 30/06/2015 Rs. 50,000/-
3) 30/12/2015 Rs. 50,000/-
4) 30/06/2016 Rs. 60,000/-
5) 30/06/2017 Rs. 50,000/-
It is very long time to receive my principle amount 2,60,000/-
Can i file a case for interest on 2,60,000/- from my first installment.
R.K Nanda
(Expert) 07 June 2015
to whom u gave said amount? for more legal advice go for click to talk option of LCI.
Rajendra K Goyal
(Expert) 07 June 2015
Whether any terms regarding interest were settled at the time of first installment?
You can demand interest on your amount.
Prashant K Gupta
(Querist) 08 June 2015
There is no written agreement its only oral that they will give me some profit if i give him amount.
Now He is refund only principal amount.
Guest
(Expert) 08 June 2015
You will be lucky if you get the principal amount, otherwise, you don't have any proof of lending the money.
Prashant K Gupta
(Querist) 08 June 2015
He give me post dated cheques of my total principal amount. So it is proved that he liquidate my amount.
And i have a recording of his acceptance that he had take money from me.
Guest
(Expert) 08 June 2015
Cheques are for total principal amount, not for interest. He has agreed to pay the principal amount also out of which you have already recovered Rs.50,000/-. So, even if you have a recording of his acceptance that he had taken money from you, where from comes the question of interest and what is the proof with you that he has taken money on interest at some fixed rate. You have not discussed about that anywhere so far in your posts.
Do you have any proof or recording of his acceptance about rate of interest to be paid and when?
Prashant K Gupta
(Querist) 09 June 2015
I had paid amount in year 2014 on profit which is 3500/- PM but he paid 7000/- profit in cash but now he will repay total amount last of 2017.
So its very long time to receive my amount.
Either he would give Interest or profit.
Now what can I do ?
Guest
(Expert) 09 June 2015
How you say that he will pay total amount in 2017, when you still have three cheques to be encashed during 2015 and 2016, out of which one is encashable even during this month, as follows:
2) 30/06/2015 Rs. 50,000/-
3) 30/12/2015 Rs. 50,000/-
4) 30/06/2016 Rs. 60,000/-
Now only remedy lies with you is that when any cheque is bounced back you can file a court case for dishonour of cheque and to compel him either to pay the whole amount or to enter in to an agreement for profit or interest as you may decide mutually.
