Received salary cheque as security against loan to friend

Albert (Querist) 09 October 2012 This query is : Resolved
Dear Experts,

I have given loan to my friend for 3 months who is Government employee against this loan he has issued me his salary cheque without mentioning date on it as my security purposes.

Now I need your advice should I have to make loan agreement against this deal and mention all this on agreement or what you will suggest me for safety purposes. If you think I should make loan agreement then who will help me to make it leagal agreement

Albert

New delhi

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ajay sethi (Expert) 09 October 2012
no legal agreement is necessary . obtain a letter from him that he wants a loan of X amount . in reply you agree to give loan which he has to repay in particualr period of say 3 months .

ajay sethi (Expert) 09 October 2012
it would be a frendly loan . you have not mentioned whether it is an interest free loan .
also mention taht interest free loan is being granted .

Albert (Querist) 09 October 2012
Thanks for your reply. Should I also have to get his salary cheque against this loan can I mention this on the letter please advice me

ajay sethi (Expert) 09 October 2012
mention that he has issued a chequeof rs _____________ for repayment of loan .

Sudhir Kumar, Advocate (Expert) 09 October 2012
why are you confusing with salary cheque. He is probaly not employing you.

V R SHROFF (Expert) 09 October 2012
Why not get a Pro note???

Albert (Querist) 09 October 2012
Hi Shroff could you please tell me about Pro Note. what should I have to do for this I mean whats the procedure

V R SHROFF (Expert) 09 October 2012
Promissory note avl in stn book stall. get sign on PN c revenue stamp

Sudhir Kumar, Advocate (Expert) 09 October 2012
A pronote is a promissory note.

In this note, duly paid stamp duty affixed one certain persson agrees to pay certain sum to another certain person on a certain date.

prabhakar singh (Expert) 10 October 2012
WHY DO NOT YOU GET THE CHEQUE DATED BY HIM AS PER HIS PROMISE.

WHAT IS THE LOAN AMOUNT AND HAS IT BEEN PASSED BY BANK A/C OR BY CASH?

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