vishnu shakya 26 February 2020

Loan agreement

pls clarify: Mr. a had taken loan from Mr. B with agreement of 11 months for repayment. whereas Mr. a want to pay this loan after 2 month. can he legally pay whereas lender asking for 11 month interest as per agreement.

pls guide...

Reply Follow

5 Replies

SHIRISH PAWAR, 7738990900 (Advocate) 27 February 2020

Dear querist,

You can discuss with the lender about payment of loan within 2 months.

Regards,

G.L.N. Prasad (Retired employee.) 27 February 2020

First remit the amount with actual interest and entire principal through demand draft (Account payee crossed) by Regd post and let the lender either reject or proceed on you for recovery of such balance interest even after the principal is returned. Every issue depends on a mutual agreement which is in writing. If there is a clause that prepayment is permitted subject to payment of interest for the full contractual period, you are bound to pay such amount with interest for 11 months, if not or the agreement is silent, you have to pay interest only for that period of the amount actually remained with you.

Real Soul.... (LEGAL) 27 February 2020

That will depend wholly on the terms of agreement ,,,,

P. Venu (Advocate) 03 March 2020

What is the rate of interest to be paid?

Varun Singh Kalra 17 May 2020

Hello Vishnu,

Your query has been answered by Advocate Vaibhav Kalra in this youtube video - https://www.youtube.com/watch?v=2-iyVqsW4kg from - 1.17.30 - 1.19.36

LAWyersClubIndia is coming with many more such Quick Query Resolution sessions for the querists looking for legal advice!

Hope you find this useful!