cpc

personal loan /amount


Dear Sir, I have given our friend of Rs 3.00 lakh, and he is ready to return the same by EMI with interest.please suggest as follows 1.Interest rates as personal finance 2.EMI Amount including entire processing Amount 2.what legal document to be prepared 3.Security pdc cheque and any others essential document to serve safe side. Pl revert so as to comply the same
 
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Dy Director

given to friend or relative. Forget the refund.
 
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Advocate/Attorney

Enter into MOU admitting the debt of Rs. 3.00 lakhs and repayment in installment as agreed between you i.e. 6 months, 12 months, 24 months etc.  The normal RBI rate of interest is 12% p.a. You can also demand him 24% p.a. as it is a private loan. You may take post dated cheques for future instalments.

 
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Voluntarily Retired from Indian Overseas Bank

DEAR MR. SUDHIR KUMAR / SAURABH

MR. SUDHIR KUMAR'S COMMENTS ALTHOUGH LOOKS FUNNY, HE HAS STATED THE FACTS IN VERY CLEAR TERMS. REGARDING SAURABH'S QUESTION IT IS REALLY A SURPRISE THAT YOU HAVE GIVEN SUCH A HUGE AMOUNT AS LOAN TO A FRIEND AND WANTED TO TAKE DOCUMENTS . WHATEVER AMOUNT YOU ARE LENDING TO A PERSON , IN THIS CASE A THIRD PARTY YOU MUST GIVE THAT AMOUNT IN CHECK OR BY WAY OF A BANKER'S CHECK OR A DEMAND DRAFT . PREVIOUSLY CASH TRANSACTIONS WAS ALLOWED UP TO RS.20,000/- . ABOUT 3 OR 4 YEARS BACK THIS HAD BEEN REMOVED AND ONLY THE TRANSACTIONS WHICH I HAVE MENTIONED ABOVE IS ALLOWED . I WANT TO ASK YOU A QUESTION . IF HE DOES NOT REPAY THE AMOUNT , AND IF YOU GO TO COURT EITHER CIVIL OR CHECK RETURN CASE , WILL YOU BE IN A POSITION TO ANSWER IN CROSS EXAMINATION THAT THE AMOUNT YOU HAVE GIVEN IS ACCOUNTED FOR IN YOUR INCOME TAX RETURN (1) HOW YOU EARNED THAT MONEY (2) HOW YOU HAVE GIVEN THAT AS A HAND LOAN .(3) YOU HAVE PAID INCOME TAX FOR THAT AMOUNT ALSO . FIRST OF ALL YOU MUST BE IN POSSESSION OF A LICENCE FOR LENDING . NEXT YOUR STATE GOVERNMENT WOULD HAVE FIXED AN UPPER LIMIT FOR INTEREST . IN OUR STATE THE UPPER LIMIT IS ONLY 9% PER ANNUM . IF YOU HAVE NOT ACCOUNTED HOW YOU EARNED THAT MONEY AND NOT PAID THE INCOME TAX , YOU ARE LIABLE FOR PAYMENT OF A TAX OF 300% BESIDES PENAL CONSEQUENCES. NEXT IF YOU DON'T POSSESS A LICENCE FOR LENDING , THE STATE GOVERNMENT WILL FILE A CASE ON YOU . IF YOUR FRIEND PAYS THE MONEY WITHOUT CREATING ANY PROBLEM FOR YOU THEN IT IS WELL AND GOOD . OTHERWISE YOU MUST DO WHAT MR. SUDHIR HAD SUGGESTED - JOSEPH WILFRED - 17/03/2014 AT 20.05 HRS.

 
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Advocate

You may treat it as a loan amount on interest @ rate of maximum 12% p.a., obtain a promissory note to that effect with attestations by witnesses, and if required you may obtain post dated cheques too in order to encash the same in the event of default in future payments, the monthly payment of repayment of loan and its accrued interest may also be recorded i the backside of the promissory note or in any separate ledger so that a proper accounting procedure has been maintained to prove it before court in case of a dispute.

 
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