The Car Loan Promissory Note is a crucial document in Indian vehicle financing transactions, combining the characteristics of a negotiable instrument under the Negotiable Instruments Act with security creation features. This document is typically used when a financial institution provides funding for vehicle purchase and requires both a promise to pay and security interest in the vehicle. It includes comprehensive details about the loan amount, interest rate, repayment schedule, and the specific vehicle being financed. The document must comply with Indian banking regulations, vehicle financing norms, and stamp duty requirements. It serves multiple purposes: evidencing the debt, creating security interest through hypothecation, and establishing the terms and conditions of the loan relationship between the lender and borrower.
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1. Parties: Identification of the lender (bank/financial institution) and borrower with complete details including name, address, and registration/identification numbers
2. Loan Details: Specific details of the loan amount, interest rate, and total amount promised to be paid
3. Promise to Pay: Unconditional promise to pay the loan amount with specified interest rate, payment schedule, and place of payment
4. Vehicle Details: Complete description of the financed vehicle including make, model, year, chassis number, and registration number
5. Security Interest: Declaration of the vehicle as security for the loan and creation of hypothecation in favor of the lender
6. Payment Terms: Detailed payment schedule, installment amounts, due dates, and payment methods
7. Default and Consequences: Terms regarding what constitutes default and the consequences thereof, including acceleration of payment
8. Representations and Warranties: Borrower's declarations regarding vehicle ownership, absence of prior encumbrances, and authority to enter into the agreement
9. Execution: Signature blocks, witness requirements, and notarization details
1. Insurance Requirements: Used when the lender requires specific insurance coverage for the vehicle, detailing type and extent of required coverage
2. Co-signer Details: Included when a guarantor or co-signer is required for the loan, establishing joint liability
3. Prepayment Terms: Added when specific terms for early loan repayment need to be included, including any prepayment penalties
4. Cross-Collateralization: Used when the vehicle secures other loans from the same lender
5. Electronic Payment Authorization: Included when automatic electronic payments are required or offered as a payment option
1. Schedule A - Loan Amortization Schedule: Detailed breakdown of all payments showing principal and interest components for each installment
2. Schedule B - Vehicle Documentation: Copies of vehicle registration certificate, insurance policy, and other relevant vehicle documents
3. Schedule C - Fee Schedule: Breakdown of all applicable fees, charges, and processing costs
4. Appendix 1 - KYC Documents: Copies of required Know Your Customer documents of the borrower
5. Appendix 2 - Terms and Conditions: Detailed general terms and conditions applicable to the loan
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