There are other cases where a credit agreement may be required as follows: Dear Sir, My mother had granted hand credits in cash to a known person. The loans were granted in good faith and with the assurance that they will be returned upon request and with interest. However, the assurances turned out to be a big lie and the person began to avoid all our calls. She signed blank cheques for us and we had her signed on tickets. We also have a photocopy of their ownership document. They are the only documents we have. Now, even after repeated requests, this person avoids payments and there is no indication that the money is returned. This causes great psychological suffering for us in our family and forced us to have a strained relationship with my mother, who is 65 years old and has affected both her mental and physical health. I am afraid of losing my mother because of this tension. I also learned that he threatened to declare himself an ARMER if he went to court. This statement from him stifled our hopes of getting his money back.
Help me and advise. ☐ Credit is secured by guarantees. The borrower agrees that, until full payment of the loan, the loan is granted at the same time as the interest by ____ ______ A credit agreement is a legal agreement between a lender and a borrower, which defines the terms of a loan. A model credit agreement allows lenders and borrowers to agree on the amount of credit, interest and repayment plan. Car credit – A credit agreement is important if you are borrowing to buy a new or used car, as it has a term of about five years. Hello Sir, I am taking a loan (interest-free loan) of Rs 5 Lakhs from my sister for the purchase of house. Is it advisable to make a credit agreement to avoid tax repercussions on me or my sister? Please inform (FYI – RBI adopted on 9 September 27, 2014, a notice of „Guidelines for Intentional Users of Late Payments“ was published. Subsequently, a guarantor of an intentional late payment may also be treated as a „defaulter“. So, think twice before accepting and signing as a guarantor of a loan) Can`t the banker/your mother mail the copy of the contract, you sign it and let her do the remaining formality??? Just ask! Dear Kartika.
It depends on the conditions set by the agreement….