LOAN
AGREEMENT
THIS AGREEMENT, is
made at___by and BETWEEN [Borrowers
Name], Indian Inhabitant residing at
[address](hereinafter referred to as the
"Borrower", which expression shall, unless it
be repugnant to the context or meaning thereof,
be deemed to mean and include its successors and
assigns) of the ONE PART AND
[Lenders Name](viz: NBFC/Financial Institution) a
company incorporated under the Companies Act,
1956 and having its registered office at
[address](hereinafter referred to as the
"Agency", which expression shall, unless it
be repugnant to the context or meaning thereof,
be deemed to mean and include its successors and
assigns) of the OTHER PART.
WHEREAS
the Borrower has approached the Lender for loan
as the same is required for___
IT IS HEREBY
AGREED BY THE PARTIES AS UNDER:
Borrower agrees to pay
Lender the full balance of Rs___ on or before
(specify date) (or, if appropriate, in equal
monthly installments of Rs___). This amount is
computed as follows: (state amount of loan, down
payment, amount financed, finance charges, and
interest as an annual percentage rate.
Borrower has the right to
prepay the entire amount due before (specify
date) without penalty.
Any installments not paid
within X days after they are due will be subject
to a late fee of Rs___. If there are two or more
consecutive late payments, the Lender may
accelerate the entire unpaid amount and demand
payment in full after giving X days' written
notice.
In the event this Agreement
is to be placed with a lawyer or collection
agency to enforce same, legal fees and costs not
to exceed Rs___ shall also be due and owing upon
initiation of legal action.
- SIGNED, SEALED
AND DELIVERED
- by the
withinnamed Lender in the
presence of ____
|
____________________________
|
| |
Lender |
- SIGNED, SEALED
AND DELIVERED
- by the
withinnamed Borrower in the
presence of ____
|
____________________________
|
| |
Borrower |
|
