i-lend, on behalf of the lender, will take the necessary measures, which are legally authorized against the borrower to realize the amounts due with interest due and other costs/costs, as agreed in this agreement, including the appointment of collection offices, the appointment of lawyers/advisers, as he deems appropriate. If the total amount of the loan is of great value, it is a good idea to require the signature and details of a guarantor – someone who can vouch for the borrower and work as a guarantee of repayment, the borrower should not be able to repay. I approached to be the guarantor of the credit he receives from a private institution. As a good friend, I provided him with copies of my stove card, the electricity bill, the payslip. 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 described here under the succinct text: this contract sets the amount of the loan, possible interest charges, repayment plan and payment dates. A written contract gives the borrower and lender a clear overview of the terms of the loan. D.1 All disbursements that the borrower is required to pay to the lender as part of or under this agreement are made by a post-given cheque, duly crossed and marked with «only A/C Payee». D.2.1 The borrower pays the CGV for the duration of the loan at the time of payment of the loan. In the event that it is unable to provide the total number of chequebooks required, it must necessarily provide a PDC for the amount corresponding to the outstanding amount at the end of the period for which the EMI PDCs were granted. D.2.2 The borrower must obtain the net PCS for the remaining MIM at least one month prior to the likely depletion of the PDO referred to in paragraph 1.
It is on this date that the loan will be given to the borrower for the above portion of the outstanding principal. If it is unable to provide net PDCs, it must necessarily indicate a PDC for the amount corresponding to the outstanding amount at the end of the period for which the EMI PDCs were granted. This is repeated until the full amount is refunded. D.3 No communication, warning or privacy is provided to the borrower prior to the presentation of the g.C issued. D.4 The borrower agrees and understands that the non-contribution of PDC through another does not affect, for any reason, the borrower`s liability in repaying the loan. A loan agreement is the document signed between two parties wishing to enter into a transaction with a loan. The loan agreement document is signed by a lender (the person or company that grants the loan) and a borrower (the person or company receiving the loan). Dear Sarfaraz, but you don`t pay interest properly, so no tax benefits u/s 24. You cannot claim refunds at u/s 80c. This only applies if you take out the loan from a bank or financial institution, both can enter into a formal agreement, so there is no problem and each tax notice (if any) can be applied.
Dear Karthik, thank you for the answer. We are concerned about whether we should pay all taxes if my friend transfers money to my account. And for the latter, what will help us the PN or the credit contract? If one of the PDCs provided by the borrower (i) is lost, destroyed or transferred while under the tutelage of i-lend, the borrower, as a result of such privacy, loss, destruction or transfer (if any), a number of cheques in advance, sufficient to replace lost, destroyed or transferred cheques, or to make appropriate alternative arrangements for the repayment of acceptable loans for a period of 15 working days from the date of receipt of this information.