Lending money from individual

Querist : Anonymous (Querist) 31 August 2024 This query is : Resolved
I am borrowing money from a person at 5% interest and after making an agreement for 3 years, is there any law that I can cancel the agreement by paying the principal and interest before time.

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Quick Summary

If you've borrowed money from an individual and agreed on a repayment term, you generally have the right to settle the loan early. This usually involves paying the principal amount plus any accrued interest up to the settlement date. It's advisable to get a written acknowledgement of full repayment from the lender.

kavksatyanarayana (Expert) 31 August 2024
If you pay the amount with interest thereon, you can get an agreement acknowledging receipt of the amount from the person who gave you a loan.

T. Kalaiselvan, Advocate (Expert) 31 August 2024
There is no law forbidding you from cancelling the loan agreement by discharging the loan in full along with the interest accrued till the date of full settlement of loan amount

Sudhir Kumar, Advocate (Expert) 01 September 2024
what are the terms of agreement.

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