how can i prepare note if i give money

anil Kumar (Querist) 20 June 2013 This query is : Resolved
Iam ameer

i want to give certain amount of money in lakhs on intrest to one of my relative.
so how can i prepare
a note if they fail to repay me so i should be legally safe side.
so can u pls explain me the documentation process and other things.

Ameer

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Adv Archana Deshmukh (Expert) 20 June 2013
Get a promissory note executed.

ajay sethi (Expert) 20 June 2013
if you are lending money in lakhs better contact a local lawyer . get all documentation prepared by him .

Rajendra K Goyal (Expert) 20 June 2013
You should try to get some marketable collateral security also for being on safe side.

Raj Kumar Makkad (Expert) 20 June 2013
If you are having money lender license only then you should lend money on interest otherwise post dated cheque with confirmation note is required to be obtained.

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