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The Simple Loan Repayment Agreement serves as a legally binding document under Indian law, typically used when formalizing loan arrangements between parties. This document is essential for both personal and business loans, establishing clear terms for the borrowed amount, interest rates, repayment schedule, and consequences of default. The agreement ensures compliance with Indian financial regulations, including the Indian Contract Act, 1872, and the Interest Act, 1978. It's particularly useful for structured loan arrangements where parties need clear documentation of their obligations and rights. The Simple Loan Repayment Agreement can be customized to include security provisions, guarantor requirements, and specific repayment terms while maintaining its enforceability under Indian jurisdiction.

1. Parties: Identifies and provides full details of the lender and borrower, including names, addresses, and contact information

2. Background: Brief context of the loan arrangement and the purpose for which the loan is being provided

3. Definitions: Defines key terms used throughout the agreement for clarity and consistency

4. Loan Amount and Terms: Specifies the principal amount, interest rate, loan term, and date of disbursement

5. Repayment Terms: Details the repayment schedule, installment amounts, and payment methods

6. Interest Calculation: Explains how interest is calculated, compounded, and applied to the loan

7. Events of Default: Lists circumstances that constitute default and their consequences

8. Representations and Warranties: Statements of fact and promises made by the borrower regarding their financial status and ability to repay

9. Covenants: Ongoing obligations of the borrower during the loan term

10. Notices: Specifies how and where official communications between parties should be made

11. Governing Law and Jurisdiction: Establishes that Indian law governs the agreement and specifies jurisdiction for dispute resolution