Can I Lend Money to Someone & Make My Own Loan Agreement?” – Or should I also lend them a lawyer? ๐
๐ A witty client once asked: “I gave my friend ₹5 lakhs last year and made a handwritten agreement. Now he’s ghosting me. Is my homemade loan contract legally valid?” Our response: Bro, you gave him lakhs and trusted a pen & paper? That’s not a loan… that’s charity with extra steps! ๐๐ธ #LoanAgreementIndia #PrivateLoanLawIndia #ContractLawIndia #MoneyLendingIndia #LexisAndCompany ๐ Here’s What the Law Says: ✅ Yes, personal loan agreements between individuals are legal in India ✍️ Even a handwritten or typed document signed by both parties can be enforceable ๐
But it must clearly mention: – Loan amount – Date of disbursement – Repayment terms – Interest (if any) – Witness signatures ๐งพ Bonus: Add an acknowledgment of receipt and mode of transfer (bank proof preferred) #PrivateContractIndia #LoanRecoveryIndia #LegalDraftingTips #PersonalLoanTipsIndia #Deb...
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