The Simple Unsecured Loan Agreement is a fundamental financial instrument used in India when extending credit without requiring collateral or security. This document is typically employed when the lender is willing to provide financing based solely on the borrower's creditworthiness, financial standing, or future income potential. The agreement comprehensively covers loan terms, interest calculations, repayment schedules, and default provisions, all within the framework of Indian law. It's particularly useful for personal loans, business working capital, or situations where the loan amount or relationship between parties doesn't warrant securing assets. The document ensures compliance with Indian financial regulations while providing clear documentation of the lending arrangement and protecting both parties' interests through well-defined terms and conditions.
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1. Parties: Identifies and provides full details of the lender and borrower including names, addresses, and other contact information
2. Background: Brief context of the loan arrangement and the parties' intention to enter into this agreement
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Loan Amount and Purpose: Specifies the principal amount of the loan and its intended use
5. Interest Rate: Details the applicable interest rate, calculation method, and compounding frequency
6. Repayment Terms: Outlines the repayment schedule, payment methods, and prepayment provisions
7. Representations and Warranties: Statements of fact by the borrower about their financial condition and ability to repay
8. Borrower's Covenants: Ongoing obligations of the borrower during the loan term
9. Events of Default: Defines circumstances that constitute default and their consequences
10. Remedies: Lender's rights and remedies in case of default
11. Notices: Specifies how formal communications between parties should be made
12. Governing Law and Jurisdiction: Specifies Indian law as governing law and identifies courts having jurisdiction
13. Execution: Signature blocks and execution formalities
1. Co-Borrower Provisions: Include when there are multiple borrowers, defining joint and several liability
2. Guarantor Provisions: Include when a third party is guaranteeing the loan
3. Security Creation: Include if any form of security is later added to the originally unsecured loan
4. Insurance: Include when requiring the borrower to maintain life or other insurance as additional protection
5. Assignment and Transfer: Include when either party might need to transfer their rights or obligations
6. Force Majeure: Include when specific provisions for unforeseen circumstances are needed
7. Electronic Communication Consent: Include when parties agree to use electronic communications for notices
1. Repayment Schedule: Detailed amortization table showing payment dates, principal and interest breakup
2. Borrower Information: Detailed KYC information and documentation of the borrower
3. Fee Schedule: Details of any processing fees, late payment charges, or other applicable fees
4. Purpose Declaration: Detailed description of loan purpose and any related conditions
5. Bank Account Details: Account details for disbursement and repayment
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