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 2 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 .
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.
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