The credit market presents an extremely articulated offer, in which many loan offers stand out, aimed at meeting certain needs, such as the purchase of a car, the financing of a holiday or the need for additional liquidity. The element that links the loans, however, is the way in which the restitution is carried out: in fact, every requested loan provides for a repayment plan to be completed in a specific period of time, previously agreed with the lender in the contractual phase, on the basis of a specific amortization plan, usually with monthly installments and on which interest is charged.
What is the non-interest bearing loan
In this bouquet of products, however, the presence of a particular type of financing characterized by absolutely different regulation, or the non-interest-bearing loan, must be noted. In effect, this is a particular type of financing that generally involves family members or friends and therefore is not negotiated with a credit institution.
In this case, a fairly large sum of money passes, for example, from a parent to a child, without entailing interest to be repaid. The problem that is raised by this particular form of credit is that relating to relations with the tax authorities. In practice, the loan must be designed in such a way that it does not violate laws, in particular those that prohibit money laundering.
How to register the non-interest bearing loan
As can be easily understood, therefore, the problem posed by the non-interest bearing loan is of a completely different kind than the normal types of financing. Its implementation, in effect, involves the completion of a series of very precise rules, starting from the formalization of the loan, which must take place through a private deed. The best way to record this step in the best possible way is to provide authentication and signature of each of the counterparties, in the presence of a notary. A condition that must absolutely be fulfilled if the loan in question involves the transfer of currency from one current account to another.
A deed may also work
In the event that the loan concerns the purchase of a house, this procedure can also be avoided by returning the lenders to the deed, taking care however that it is completely clear how the purchase is carried out by them and not by the one who receives the loan. However, this is a possibility that gives rise to possible complications, a circumstance that always advises the drawing up of a private document in which the terms of the restitution are established with absolute precision. In this case, the non-interest bearing loan can be considered as an interest free loan.
What the contract must provide
The standard contract used in private lending, and therefore also in the non-interest-bearing loan, which for legal correctness should be indicated as a loan agreement pursuant to art. 1813 cod. civ., it should report these data :
1. the details of the contracting parties (name, date of birth, tax code), the methods and deadlines of the repayment plan, the purpose of the loan;
2. the signature of each individual contractor on each page and at the bottom;
3. the “certain date”. In this sense, the easiest way to have it is to go to the nearest post office in order to have the date stamp stamped on each sheet of the contract.
The legislation in this regard
However, it should be remembered that the non-interest bearing loan, like all forms of credit between private individuals, is subject to precise regulation by law. In particular, the registration of the contract is mandatory only if the contract is drafted in the form of a private contract or contract. Registration is not mandatory if the contract is completed in the form ” by correspondence “, or in that particular form consisting of a written deed in the epistolary form which will then be sent to the other contractor. Those who receive it, in turn, must perfect the contract by copying it in full, and then signing it and sending it back to the sender.
In this case, registration will become mandatory only in the case of use, such as in the case of filing in a judicial office for administrative activities, or in the offices of the public administration or of local public bodies or their supervisory bodies. It should also be specified that if the deposit of the contract is a due act in order to fulfill an obligation towards the aforementioned administrations, or is required by law or regulation, it is not necessary to pay the registration.
It should also be remembered that there are other aspects related to this particular form of loan that must not be put in order, so as not to run into bad surprises. Among them, in particular, it is necessary to remember the necessary compliance with the anti- money laundering regulations, such as to provide for the use of cash only up to the threshold of 3 thousand USD, beyond which the money must necessarily be transferred by check or bank transfer. Those who do not risk the application of an administrative sanction ranging from 1 to 40% of the amount transferred. In the event that the transfer of the sum takes place through a bank transfer, it is imperative to remember to insert the correct reason, or non-interest bearing loan.