It’s hard to justify the genuineness of unsecured loan obtained from relatives/creditors/strangers. In order to put strong hold following precautions should be adopted.
While furnishing Confirmation for Unsecured loans etc: precautions (points to be covered in
Confirmation)
1) Date of Signing of confirmation
2) Confirmation of fact of transaction of giving the amount by the creditor
3) Mode of Payment i.e through DD/Cash/cheque
4) In case of banking channel adopted, particulars of cheque etc
5) Is interest bearing on unsecured loan: state this vital fact (the rate of interest)
6) Permanet Account Number and place of assessment of creditor
7) Source of lending the money, if possible.
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