Getting money from Friends

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

mandeep.singh asked 9 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 9 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 9 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 9 years ago

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

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mandeep.singh answered 9 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 9 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.