Loan

Querist : Anonymous (Querist) 27 December 2017 This query is : Resolved
My friend wants to start a buisness n for this purpose he wants to borrow from a sum of 10 lacs for 6 mnths
1. Is it legal to lend him money from my A/C
2. What should be the Stamp Paper Amount
3. What kind of surety i can take from him
4. Post dated cheque will be ok
5. And any other thing require
Pls reply soon

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Guest (Expert) 27 December 2017
Just consult a local Advocate and prepare all the documents required including the PDC with his guidance to avoid the maximum headache in future.

Kumar Doab (Expert) 27 December 2017
AQ...................so NO reply...................

Kumar Doab (Expert) 27 December 2017
You may post with your ID and you can get many replies...............

Vijay Raj Mahajan (Expert) 27 December 2017
You want to give him Rs 10 Lakhs that may or may not return back to you and seek free consultation from qualified lawyers and that too hiding behind the Anonymous curtain. When you loose this big amount one day return back in this forum asking free advise again to recover the amount. You seems to be a person from Gujarat as most Gujarati want free legal advice everywhere, I wonder how advocates practicing in Gujarat survive.

Querist : Anonymous (Querist) 27 December 2017
Sorry I am not from Gujrath n from Mangalorr
My name is Nihal Shaikh.
Surely i will consult Good lawyer but jst wanted an idea as to how to proceed in this regard
Thanks for ur precious time

Sankaranarayanan (Expert) 28 December 2017
Better to consult local corporate lawyer will helpful

Sudhir Kumar, Advocate (Expert) 28 December 2017
1. Yes it is legal provided you are not expecting refund.

2. Write anything you are not getting your money.

3. Take any surety it is immaterial. I fhe has a sound surety why he should not be taking money form him.

4. Take PDC but do not expect money.

5. Give money and just forget.

Sudhir Kumar, Advocate (Expert) 28 December 2017
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 sense 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 (friend 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 debtor
(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.
(iv) During cordial relations

Soon after giving such loan :-

(a) Relations are no more remain cordial
(b) Business started by such money (easy money belonging to other) invariably fails.
(c) Such loans always sink and not refunded.
(d) Person seeking such refund suffers at legal process.
(e) Person seeking such refund legally or by persualtion is socially criticised.

P. Venu

(Expert) 28 December 2017
The loan could be advanced on the strength of a promissory note, duly executed.

Kumar Doab (Expert) 28 December 2017
Lawyers/counsels/members/experts from Gujarat have also been contributing at LCI.
You can search thru SEARCH option;
http://www.lawyersclubindia.com/lawyers_search/

Or visit Local Court complex and inquire.

Loan

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