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Author Topic: Money borrowing agreement  (Read 644 times)

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Offline Anil Kagi

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Money borrowing agreement
« on: August 15, 2015, 01:52:30 AM »
Hello to everybody,

A friend of mine is requesting money from me. And I would like to oblige. I have not decided whether I should take interest on it or not, because I want to give only for a short term, like for only 2-3 months. But if he is unable to repay it for longer than say 6-12 months, I would want him to give me interest of at least, what a bank would give me, say 10% per annum.

I do not have a lender's license. I want to take a signed cheque, without date, from him, and get an agreement hand written by him, on a stamp paper of appropriate value, and mention in it that he should repay within an year. And mention the details of the cheque given to me, and also mention that he authorizes me to en-cash it, if I need the money any time after six months.

I am having some apprehensions regarding this. They are;
  • Can I do this even though I do not have a license to lend money?
  • Would the agreement have to be signed by a licensed stamp writer?
  • Can only the two of us be the signatories on the agreement, and not have any witnesses. I.E. are witnesses mandatory?
  • Or should I have to get the agreement signed by a notary?
  • Can the agreement be hand written?
I would be grateful if you learned people could help me in this regard. Please kindly guide me to the appropriate steps that I need to take.

Thank you all.

Anil Kagi

 

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