Legal Question in Credit and Debt Law in India

Sir,

I am from Saudi arabia originally from Kerala. I am planning to get a loan of IRS. 10,00,000/- from a individual on an interest rate of 15% per annum agaist promissory note. Can u pls answer me is it possible to get a big sum from an individual against promissory note. If it is possible, what could be the maximum interest rate we can mention on the promissory note. Is there any limitation? Can u pls show me the formate of a promissory note written under the Indian rules.

Thanks.


Asked on 10/11/10, 9:15 am

1 Answer from Attorneys
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

instead of an individual, you may opt for a bank or financial institution. however, seeking loan from individual is also not illegal.

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Answered on 10/11/10, 10:55 am


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