The Individual Loan Agreement serves as a legally binding document used in India when one party (lender) agrees to provide financial assistance to another party (individual borrower) under specified terms and conditions. This document is essential for protecting both parties' interests and ensuring clarity in the lending relationship. It must comply with Indian financial regulations, including the Indian Contract Act, 1872, state-specific money lending laws, and applicable banking regulations. The agreement typically includes details about the loan amount, interest calculations, repayment schedule, default provisions, and any security arrangements. It may require proper stamping and registration depending on the loan amount and jurisdiction within India. This template is particularly useful for banks, financial institutions, and private lenders engaging in personal lending within the Indian market.
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1. Parties: Identifies and provides full details of the lender and borrower, including names, addresses, and contact information
2. Background: Explains the context of the loan agreement and the intention of the parties to enter into the lending arrangement
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Loan Amount and Purpose: Specifies the principal amount being lent and the approved purpose of the loan
5. Interest Rate and Calculations: Details the applicable interest rate, calculation method, and compounding frequency
6. Repayment Terms: Outlines the repayment schedule, installment amounts, and payment methods
7. Representations and Warranties: Contains statements of fact and assurances made by the borrower regarding their financial status and capacity to repay
8. Events of Default: Lists circumstances that constitute default and the consequences thereof
9. Rights and Remedies: Specifies the rights of both parties and available remedies in case of default or breach
10. Governing Law and Jurisdiction: Specifies Indian law as governing law and designates courts having jurisdiction
1. Security Arrangements: Required when the loan is secured by any assets or guarantees
2. Insurance Requirements: Included when insurance coverage is required for secured assets or the borrower's life
3. Prepayment Provisions: Details terms for early loan repayment when prepayment is allowed
4. Guarantor Provisions: Required when a third party is guaranteeing the loan
5. Assignment and Transfer: Included when either party may need to transfer their rights under the agreement
6. Electronic Communication: Required when parties agree to use electronic means for notices and communications
7. Force Majeure: Optional clause for circumstances beyond parties' control affecting loan repayment
1. Schedule 1 - Repayment Schedule: Detailed amortization table showing payment dates, installment amounts, and interest calculations
2. Schedule 2 - Security Details: Comprehensive description of any security/collateral provided, including valuation and maintenance requirements
3. Schedule 3 - KYC Documents: List of identity and address proof documents provided by the borrower
4. Schedule 4 - Insurance Details: Specifications of required insurance coverage, policy numbers, and terms
5. Appendix A - Standard Forms: Templates for notices, payment instructions, and other standard communications
6. Appendix B - Fee Schedule: Details of any processing fees, late payment charges, and other applicable fees
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