NISHANTH KUMAR DS 17 October 2020

Promissory Note

I had given a loan of rupees 1lakh to my friend through cash one year ago. He had promised me to return the amount in 10months, but now he is not returning my amount. I had given him the loan without any loan agreement in friendly basis. But now I have argued enough in this regard. He was paying me interest of 10% per annum. What should I do in this regard ? Should I make a promissory Note? If so, whether promissory note should be attached with a revenue stamp? Please do reply to this briefly as possible.

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2 Replies

SHIRISH PAWAR, 7738990900 (Advocate) 17 October 2020

Hello,

A loan without any documents is very difficult to recover. Get a promissory note as a loan document.

Dr J C Vashista (Advocate) 18 October 2020

Take a cheque along with promissory note from borrower friend, if you can.

It is advisable to contact and consult a local prudent lawyer for better appreciation of facts/ documents, professional guidance and necessary proceeding.