• Lend loan to a friend

Dear Sir,

I have lend a loan to my friend for amount of 2lac rupees with the monthly interest rate of 1.5% 6 months back.

Have received a signed promissory note but not writtened anything.

He is been paying the interest.

I would require your advice as howlong a promissory note is valid and he has not written anything except his signature in the promissory not is that enough?

Thanks and regards,

Asked 4 years ago in Business Law from Madurai, Tamil Nadu
if you are having good relations with your friend ask him in his own hand writing to fill in details. tell your friend to also give a letter acknowledging receipt of Rs 2 lakhs  and agreeing to repay it within ___________period at interest rate mentioned by you .
Ajay Sethi
Advocate, Mumbai
45751 Answers
2692 Consultations

5.0 on 5.0

You should have obtained a lawyer's advice before obtaining his signature on the promissory date as he would have told you the contents of the promissory note.  

Now let your friend give you under his signature an acknowledgment receipt of the loan.
Ashish Davessar
Advocate, Jaipur
22977 Answers
634 Consultations

5.0 on 5.0

Promissory Note may be written or typed,but content of note should be as per law,claiming of interest need license from competent authority.However if you want to return bank the principal amount then you can file a money suit with Promissory Note in Civil Court.----------------------------M.Bhadra,advocate at Kolkata
Minansu Bhadra
Advocate, Kolkata
384 Answers
28 Consultations

4.9 on 5.0

Ask a Lawyer

Get legal answers from top-rated lawyers in 1 hour. It's quick, easy, and anonymous!
  Ask a lawyer