Loan
Feroz
(Querist) 31 March 2016
This query is : Resolved
MY friend has asked me to make an investment of 10 lacs in his shop
what should be the amount of stamp paper for an agreement ?
Secondly if i take a post dated cheque as a guarantee is it alright
pls let me know
Sudhir Kumar, Advocate
(Expert) 31 March 2016
take whatever papers.
In any case.you are going to lose money.
These papers and cheques will be useful for you to feeding lawyers.
Sudhir Kumar, Advocate
(Expert) 31 March 2016
Money given to friends and relatives is always a charity in the garb of loan which is given in expectation of refund but always taken with intention of non-refund.
Such loan is taken by a person:-
(i) Who lacks business sence and cannot raise funds out of his own business and suddenly wants to be rich.
(ii) who cannot raise bank loan because :-
Either
he himself is not creditworthy
Or
the purpose for which he seeks loan is illegal
or
the purpose for which he seeks loan is not at all commercially viable.
(iii) Who knows he can afford not to refund.
(iv) Who trusts his thick skin
(v) Who intends not to refund
(vi) Who has made fortification against action of refund.
So he has to find someone who can part with his money. SO he finds a lender near him (fiend or relative)
Such loans are given by the persons :-
(i) Who has surplus money.
(ii) Who displays and boasts of such surplus money.
(iii) Who stupidly believe that there will be a refund.
(iv) Fails to realise as to why he alone (not bank) is being contacted for loan.
(v) Who has extreme trust on the debor
(vi) who are either stupid or extremely greedy of the unusual (or illegal) rate of interest.
Such loans are always given
(i) Without documentation.
(ii) Without witness
(iii) Without guarantor.
Business started by such money (easy money belonging to other) invariably fails.
Such loans always sink and not refunded.
Sudhir Kumar, Advocate
(Expert) 31 March 2016
if you have 10 lack to spare better start your own business and never employ such friend even as servant.
or
give it to some orphanage / temple/ ol age home / blind ahsram by yourself. Giving such money you will never expect refund and will never be disappointed or frustrated. Plus recipient will never threaten or insult you.
Adv. Yogen Kakade
(Expert) 31 March 2016
It is advisable to execute an agreement of this transaction.
Firstly decide the terms of the agreement including the period, interest or returns, terms of nonpayment etc.
A cheque may help you for the recovery in case of non payment.
Rajendra K Goyal
(Expert) 31 March 2016
You can get post dated cheque / pronote / well drafted agreement.
Give money through Banking channel.
Mortgaging some immovable property with possession rights till loan is paid.
Sudhir Kumar, Advocate
(Expert) 01 April 2016
A business is bound to fail if:-
(i) investment belongs to other.
(ii) the trader has no standing to get a bank loan or his trade is not in the opinion of banks so trade worthy to justify such heavy loan.
(iii) trader is investing more than his capacity to create.
cheuques ---
there will be nothing i his account and you will end up running from pillar to post to serve notice (this website is full of such queries)
pronote ----
you will have to file civil suit after paying lawyers and paying court fee and will run after him to serve notice
even if y9ouo succeed civil suit he has nothing to pay and then file execution.
then you have to locate if he has any assettes to be attached after his businee fails.
mortgage of immovable ---
if he is willing to morgage 11 lack worth bullion for 10 lakh loan?
Sudhir Kumar, Advocate
(Expert) 01 April 2016
you are yet to tell what greed he has offered to you.
none is trapped without a bait.
Dr J C Vashista
(Expert) 01 April 2016
Submit reply to questions raised by expert Mr. Sudhir Kumar ji.
