The Group Loan Agreement Form is a crucial document in India's microfinance and community lending sector, designed to facilitate group-based lending while protecting both lenders and borrowers. This document is primarily used when multiple borrowers form a group to collectively access credit, typically in situations where individual members might not qualify for traditional loans. The agreement incorporates essential elements required by Indian banking regulations, RBI guidelines, and microfinance directives, including joint liability provisions, interest rate specifications, and group operational procedures. It serves as both a legal contract and an operational framework, detailing everything from loan disbursement to default management, while promoting financial inclusion and group solidarity. The document is particularly relevant for self-help groups, joint liability groups, and other collective borrowing arrangements common in Indian rural and semi-urban areas.
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1. Parties: Identifies the lender, and all members of the borrowing group, including their addresses and registration details
2. Background: Explains the purpose of the group loan, formation of the group, and basic premise of joint liability
3. Definitions: Defines key terms used throughout the agreement, including 'Group', 'Joint Liability', 'Default', 'Interest Rate', etc.
4. Loan Amount and Purpose: Specifies the total loan amount, individual allocation to group members, and approved purpose of the loan
5. Interest Rate and Fees: Details the applicable interest rate, processing fees, and other charges as per RBI guidelines
6. Repayment Terms: Outlines the repayment schedule, installment amounts, and payment mechanisms
7. Joint Liability Provisions: Establishes the joint and several liability of group members for the entire loan amount
8. Group Operations: Details group meeting requirements, attendance policies, and collective decision-making processes
9. Representations and Warranties: Standard declarations by group members regarding their eligibility and capacity
10. Events of Default: Lists circumstances constituting default and consequences thereof
11. Remedies and Enforcement: Details lender's rights and remedies in case of default
12. General Terms: Standard provisions including notices, amendments, governing law, and jurisdiction
1. Security Provisions: Include when the loan requires specific security or collateral from group members
2. Insurance Requirements: Include when loan includes mandatory life or asset insurance provisions
3. Training and Support: Include when the lender provides business or financial management training
4. Savings Requirements: Include when the loan program includes mandatory savings components
5. Digital Transaction Terms: Include when loan disbursement or repayment involves digital platforms
6. Additional Member Entry/Exit: Include when group membership changes are anticipated or permitted
7. Business Plan Compliance: Include when loan is tied to specific business activities or projects
1. Schedule 1: Group Member Details: Complete details of all group members including KYC information
2. Schedule 2: Loan Disbursement Schedule: Breakdown of loan amount allocation among group members
3. Schedule 3: Repayment Schedule: Detailed repayment timeline with installment amounts
4. Schedule 4: Fee Structure: Comprehensive breakdown of all applicable fees and charges
5. Appendix A: Group Rules and Regulations: Internal rules governing group operation and member conduct
6. Appendix B: Meeting Attendance Format: Template for recording group meeting attendance and decisions
7. Appendix C: Default Management Process: Step-by-step process for handling member defaults
8. Appendix D: Grievance Redressal Mechanism: Procedure for addressing complaints and disputes
Relevant legal definitions
Clauses
Relevant Industries
Microfinance
Banking
Rural Development
Agriculture
Small Business
Social Enterprise
Financial Services
Community Development
Women Empowerment
Cooperative Banking
Relevant Teams
Legal
Compliance
Credit Risk
Rural Banking
Microfinance Operations
Documentation
Recovery
Financial Inclusion
Community Development
Customer Service
Relevant Roles
Microfinance Officer
Loan Officer
Credit Manager
Rural Banking Manager
Group Development Officer
Compliance Officer
Legal Counsel
Financial Inclusion Specialist
Branch Manager
Risk Assessment Officer
Community Development Officer
Documentation Specialist
Credit Risk Analyst
Recovery Officer
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