Can an american citizen give loan to his indian father?

Question

Can an american citizen of indian origin give loan to his indian father?And if the father later wants to pay back the loan how can he do it.

Answer 1

Hey ,
i am a loan officer in arizona and am also of indian originThere is no problem in providing a loan to your father in india .You can transfer the money for free to his account in india through remit2india.com or money2india.com .Also you can open up a WAMU free checking account and with that account you have the service of making wire transfers anywhere in the world for free.
the reverse your father will have to do it from any bank in india .This will need him to personally go to the bank and there sign up a wire transfer form ...that's it ....if you have further queries write at [e-mail]
regards,
kishaloy

Answer 2

that's a personal matter between the two of you. I suggest you make it a written contract though (like start and end date, amount, how to be paid back, when, and what would happen if it wasn't paid on time). The only thing is that it could paid to you thru someplace like paypal wherein the currency is transferred to indian currency. And, anything over $10,000 will be tracked by the US government (to be assured the money isn't going for terrorist activity....it's just a thing we do). Paying back could be thru paypal as well.

Answer 3

Why Whats wrong being a father of a american citizen , at the end "He is the father " when it comes to pay back ... american citizen can come back to india , I am sure father is too old to travel to america to pay back ,

Answer 4

Yes. You can transfer the money via direct bank transfer, also called a wire transfer.

Answer 5

it doesnt have to be a loan anymore. just give it to your father in cash. i suppose he will be happy to have the money in his hand.