Loan Agreement

sachin gupta (Querist) 15 November 2008 This query is : Resolved
i have to give loan for Rs. 20000/- so i need Loan Agreement. and please suggest me what is the better process for the same. and what things should be in agreement.

if u have loan agreement in word file then please forward me on harpreet1985@live.com

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Srinivas.B.S.S.T (Expert) 15 November 2008
If you are giving loan to an individual you can obtain a duly signed promissory note. That will be sufficient to recover your amounts in the event of default by him in repayment of loan amount.

G. ARAVINTHAN (Expert) 15 November 2008
Yes Promissory note itself sufficient for the loan.

sachin gupta (Querist) 15 November 2008
can you please provide me format of promissory note.............

Suresh Kr. Mitruka (Expert) 15 November 2008
Alongwith Promissory Note, you can also take a post dated cheque from the borrower alongwith the amount of interest towards the refund of the said loan amount and this fact should be mentioned in the agreement. This will help you to realize the loan amount in future date.

Adv.Shine Thomas (Expert) 16 November 2008
I agree with Mr. Suresh.Duly signed Promisory Note and a post dated cheque are sufficient.

smilingadvocate (Expert) 16 November 2008
Its better to obtain promissory note and receipt of acknowledgement of loan amount bywayof separate receipt and also a cheque as suggest by our other friends. You may not require the loan agreement this would suffice

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