Promissory Note
Dear Sir,
I am going to lend some money to my relatives for their family function (Marriage). I understood well that helping relatives is important and it should be safe way to protect our family also. Hence I planned to take promissory note from them and support them.
Additional, Revenue Stamps are discontinued in India and could not able to get it Bangalore. Hence let me know some format of promissory note and procedure for getting it notarized.
Is it necessary to get notarised?
How does make promissory note sounds good?
I am going to offer them "X"amount at IR of 8% per annum basis.
You can share with me sample format and its web link.
regards,
Dhanasekaran
Bangalore more
I am going to lend some money to my relatives for their family function (Marriage). I understood well that helping relatives is important and it should be safe way to protect our family also. Hence I planned to take promissory note from them and support them.
Additional, Revenue Stamps are discontinued in India and could not able to get it Bangalore. Hence let me know some format of promissory note and procedure for getting it notarized.
Is it necessary to get notarised?
How does make promissory note sounds good?
I am going to offer them "X"amount at IR of 8% per annum basis.
You can share with me sample format and its web link.
regards,
Dhanasekaran
Bangalore more
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Ms. Kalavathi has advised in detail. Do obtain a repayment cheque in your favour, preferably undated...if the repayment date is not sure more
Nov 28
Reply to Shri Dhanasekaran R. A promissory note is not essential if it is a matter of helping your relatives. You can get a letter from them requesting you to help them to the tune of X amount and giving details of their Bank account to which to remit the amount. Or you can issue a cheque from your account which they can deposit in their account. You could get a copy of the paid cheque which would be evidence of the transaction. You could get a letter from them acknowledging receipt of the funds and thanking you for the same and outlining the time and mode of repayment. You could play safe by obtaining post-dated cheques for the amount. If you still wish to get a promissory note executed by them Shri Devarajan Vadivelu has guided you about a format for an individual debtor. For more than one, you should write,"We jointly and severally promise to pay on demand the sum of Rs.X to the order of Shri R. Dhanasekaran or his legal heirs and assigns, with interest @ 8 percent per annum at monthly/quarterly/half yearly/annual rests" duly signed below respectively against each name and address bottom right. Bottom left the word "To" is followed by your name and address, the promissee/lender. Signatures are obtained (as specified by Shri D.Vadivelu) by the makers of the promissory note. You need not get this notarised. You have only to be sure that the individuals signing it are genuine and their signatures authentic. Good Luck/Regards. L.Kalavathi Retd. Bank Official Chennai, Tamilnadu,India 26/11/2016 more
Nov 26
dp note format ON DEMAND ON I---------NAME OF THE BORROWER WITH ADDRESS) PROMISE TO PAY A SUM OF RUPEES============== TO (LENDER WITH HIS ADDRESS) OR ORDER ON DATE AT (INTEREST RATE) WITH MONTHLY /QUARTERLY/HALF YEARLY / ANNUAL ) RESTS TO BE SIGNED ACROSS REVENUE STAMP WITH DATE ANOTHER SIGNATURE WITH OUT REVENUE STAMP ONE MAY SUITABLY ALTER THIS WITH OUT IMPEDING LEGAL PROVISIONS more
Nov 24
Revenue Stamps are available in all Post Offices and also with Banks,since they use them on Promissory Notes. You can contact a Lawyer or a Bank Manager,regarding the Format of P.Note. Additionally, you can also obtain Post Dated Cheques of their Bank Accounts or any article/gold/silver/house registry etc. or their LIC Policy-duly assigned in your favor, as pledge with you. But,legally and without RBI's prior permission, you as a person, cannot lend money on interest. Hence,make it without interest,just to help them out in this hour of need. If they are good people,they can pay you cash for interest amount. more
Nov 24
