A loan contract (loan contract) recognizes that there is a loan, specific broadcasting commitments and also stipulates that the lender is entitled to an appeal (the legal right to claim damages or payment). An example may be a FORECLOSURE. If you want to have a right of appeal, go for a credit contract instead of a prolamissy note. If a provision in this agreement proves invalid or unenforceable, the invalid or unenforceable provision is considered to be replaced by a valid enforceable provision that best corresponds to the intent of the original provision, and the rest of the agreement remains in force. Dear Sir, should the credit contract be notarized and, if so, under what law? A loan can be secured or unsecured, i.e. the borrower can give the lender guarantees to repay the loan. If the borrower is unable to repay the loan amount, the lender can claim the guarantee and use it to get the money back. There are some additional documents to be executed and additional laws that apply if the loan is a secured loan, which is briefly described below: this document must be read carefully by the parties and the surety (if any). The loan agreement is legally binding if it has been printed on non-judicial stamp paper or electronic stamp paper and signed and dated by each party. The value of the buffer paper depends on the state in which it is executed.

Each state of India has provisions on the amount of stamp duty payable on these agreements. Information on stamp duty can be found on the government`s websites. For example, the Karnataka State website provides stamp duty details on payment agreements, such as the Delhi site. I paid a certain amount to one of the immigration companies to find a job abroad, but it takes too long, and I just wanted to be on the safer side by entering into a written agreement. Then ask me to look at the same thing. Whether it is a commercial loan between two companies for specific purposes, the options in this loan agreement can allow for a simple zero-rate loan or the automatic addition and calculation of interest, establish a repayment plan, add bonds and require the borrower to provide guarantees for the loan. A loan contract is essential, regardless of the beneficiary. Even if the loan is given to a friend or family member, it is always better to have a loan agreement. It serves as a legal document for resolving disputes that may arise in the future between the borrower and the lender.

A friend by thickness and thinness. We usually speak to our friends or close family when we need financial assistance. We lend (or borrow) money on the basis of mutual trust. As a general rule, these types of credits (manual loans) are not guaranteed. In most cases, the terms of a loan are not defined. If the repayment (repayment of the loan) does not occur, relations between the two parties will be strained. I work in a small private company and earn 23k income by hand. Now I need an amount for my expenses.

So if I provide a predated cheque and a bond note for a hand loan, I can get a loan of about 35k, which is very urgent. Hello Sir, I am taking out a loan (interest-free loan) of my sister`s Rs 5 Lakhs for the purchase at home. Is it advisable to enter into a credit contract to avoid any tax impact on me or my sister? Please inform Dear Sandeep, regarding stamp duty, stamps are set on the basis of amounts and you should consult the relevant stamp rates of the state in which the document is executed.