The Jewelry Loan Agreement serves as a crucial legal instrument in India's secured lending landscape, particularly for loans where jewelry serves as collateral. This document type is commonly used by banks, non-banking financial companies (NBFCs), and licensed lenders when extending credit against precious metals and jewelry. The agreement ensures compliance with Indian financial regulations, including the Indian Contract Act, 1872, and various banking and precious metals regulations. It includes detailed specifications of the pledged jewelry, loan terms, interest calculations, and procedures for default and redemption. The document is essential for protecting both lender and borrower interests, ensuring proper valuation and safekeeping of the collateral, and establishing clear procedures for loan servicing and eventual redemption of the pledged items.
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1. Parties: Identification of the lender and borrower with complete details including name, address, and registration/identification numbers
2. Background: Context of the loan agreement, relationship between parties, and purpose of the loan
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Terms: Details of the principal amount, interest rate, tenure, and repayment schedule
5. Description of Collateral: Detailed description of the pledged jewelry including weight, purity, stones, and current market value
6. Representations and Warranties: Declarations by borrower regarding ownership and quality of jewelry, and general capacity to enter into agreement
7. Rights and Obligations: Duties and responsibilities of both parties during the loan term
8. Storage and Maintenance: Terms regarding the safekeeping of jewelry by the lender
9. Interest and Charges: Detailed breakdown of interest calculation, additional charges, and penalties
10. Repayment Terms: Schedule and method of repayment, prepayment provisions
11. Default and Consequences: Events of default and lender's rights in case of default
12. Redemption: Process and conditions for retrieving the pledged jewelry
13. Governing Law and Jurisdiction: Applicable laws and courts having jurisdiction
14. Notices: Method and addresses for serving notices between parties
1. Insurance: Terms regarding insurance of pledged jewelry - optional but recommended for high-value items
2. Multiple Borrowers: Additional terms for cases with joint borrowers
3. Force Majeure: Provisions for unforeseen circumstances affecting agreement performance
4. Assignment: Terms regarding transfer of rights under the agreement - needed if assignment is contemplated
5. Electronic Documentation: Terms for digital documentation and communications - needed for digital lending platforms
6. Relationship Manager: Details of designated representative handling the loan - for institutional lenders
1. Schedule A - Jewelry Description: Detailed technical description of each piece of jewelry including photographs, hallmarks, and distinguishing features
2. Schedule B - Valuation Report: Professional valuation certificate for the pledged jewelry
3. Schedule C - Interest Rate Calculation: Detailed breakdown of interest calculation method and examples
4. Schedule D - Repayment Schedule: Detailed payment schedule with dates and amounts
5. Schedule E - KYC Documents: List of identity and address proof documents provided by the borrower
6. Appendix 1 - Standard Terms: Standard terms and conditions applicable to all jewelry loans
7. Appendix 2 - Receipt Format: Format for acknowledgment receipts for partial payments and final settlement
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