The Interest Only Loan Agreement is designed for situations where borrowers require financing but prefer or need to defer principal repayment until the end of the loan term. This arrangement is particularly common in commercial real estate financing, business expansion projects, and working capital facilities in India. The document comprehensively addresses all aspects of the lending relationship, including loan disbursement, interest calculation methods, payment obligations, default scenarios, and enforcement mechanisms. It ensures compliance with Indian banking regulations, the Banking Regulation Act, 1949, and other relevant financial laws. The agreement is structured to protect the lender's interests while providing clear terms for the borrower, particularly regarding the interest-only nature of the regular payments and the eventual principal repayment obligation.
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1. Parties: Identifies and defines the Lender and Borrower with their complete legal names, addresses, and registration details
2. Background: Sets out the context of the loan agreement and the parties' intention to enter into an interest-only loan arrangement
3. Definitions: Defines key terms used throughout the agreement including 'Interest Rate', 'Interest Payment Date', 'Loan Amount', 'Term' and other relevant terms
4. Loan Amount and Purpose: Specifies the principal amount of the loan and its intended use
5. Interest Rate and Calculations: Details the applicable interest rate, calculation method, and interest payment obligations
6. Interest Payment Terms: Specifies the frequency, timing, and method of interest payments
7. Principal Repayment: States when and how the principal amount must be repaid at the end of the term
8. Representations and Warranties: Standard declarations by the borrower regarding their legal capacity, financial condition, and authority to enter into the agreement
9. Borrower Covenants: Ongoing obligations of the borrower during the loan term
10. Events of Default: Lists circumstances that constitute default and their consequences
11. Remedies: Outlines the lender's rights and remedies in case of default
12. Governing Law and Jurisdiction: Specifies Indian law as governing law and defines jurisdiction for dispute resolution
1. Security: Required if the loan is secured by any assets or guarantees
2. Guarantor Provisions: Include when there is a guarantor for the loan
3. Insurance Requirements: Include when specific insurance coverage is required for secured assets
4. Prepayment Provisions: Include if early repayment of principal is permitted and any associated terms
5. Interest Rate Review: Include if interest rate is subject to periodic review or adjustment
6. Assignment and Transfer: Include if either party may assign their rights under the agreement
7. Tax Provisions: Include detailed tax provisions if tax deduction or withholding requirements apply
1. Schedule 1 - Loan Details: Contains specific loan terms including amount, interest rate, payment dates
2. Schedule 2 - Payment Schedule: Detailed schedule of interest payment dates and amounts
3. Schedule 3 - Conditions Precedent: List of documents and conditions required before loan disbursement
4. Schedule 4 - Security Details: Description of any security or collateral (if applicable)
5. Schedule 5 - Form of Interest Payment Notice: Template for interest payment notifications
6. Appendix A - Calculation of Interest: Detailed methodology for interest calculations
7. Appendix B - Form of Drawdown Notice: Template for requesting loan disbursement
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Construction
Manufacturing
Infrastructure
Commercial Lending
Private Equity
Investment Management
Corporate Finance
Relevant Teams
Legal
Finance
Credit
Risk Management
Compliance
Treasury
Corporate Banking
Operations
Documentation
Relationship Management
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Banking Manager
Loan Officer
Credit Manager
Risk Manager
Compliance Officer
Treasury Manager
Financial Controller
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Corporate Banking Officer
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