Getting money from Friends

Q & A Forum › Category: Home Loans & Credit › Getting money from Friends

mandeep.singh asked 10 years ago

Hi, I have taken loan on my account and have lend that money to my friend via online transfer only 1 year ago. Now that friend wants to return the full payment to me via online only. So i want to know, will it be safe as per IT guide lines or i have to do something for that. The loan amount is approximately about 2 lacs.

4 Answers

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Sreekanth Staff answered 10 years ago

Hi, Do you have any loan agreement done? As both the transactions are done online, there shouldn't be any issue.

mandeep.singh replied 10 years ago

Thankyou for your answer.
The loan was approved by Banking people on phone call. One is a personal loan and the other one the bank offered a loan on my credit card. Yes both were online transactions.

I am paying the installments every month. So if i get about 5lac from him. will that be ok. All i will pay to bank immediately via net banking.

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Sreekanth Staff answered 10 years ago

Hi, I mean..loan agreement between your friend and you ??

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mandeep.singh answered 10 years ago

No There isn't any loan agreement between me and my friend. I just got the loan amount from bank and transferred that amount to my friend.

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Sreekanth Staff answered 10 years ago

You can get the loan agreement done to make it a legal or formal one. So that you can justify your stand in case if you receive any notice from the IT dept.