Legal Question in Banking Law in India
Sir ,
My friend is asking for a loan of 20000 Rupees .
My questions
1. I would like to know the legal standing of a promissory note with a 1 Rs revenue stamp affixed on it . Is this enough as a legal proof ?
2. Please let me know other options, if any to secure my given loan except PDC's?
Thanks,
2 Answers from Attorneys
Promissory Note with one rupee revenue stamp affixed thereon and signed by the borrower across the stamp is O.K. as legal proof. If your friend has immovable property ask him to deposit his original title deeds with a simple letter that they have been deposited with intent to create a security thereon for the loan by you. Of course getting PDC(s) also would be an added advantage.
promissory note is ok , however i would advise you to get a cheque from the borrower.
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