The Car Loan Contract Between Friends is specifically designed for situations where one individual is lending money to a friend for vehicle purchase in Pakistan. This document becomes essential when friends wish to formalize their lending arrangement while ensuring compliance with Pakistani law and optionally, Islamic financing principles. It's particularly useful in scenarios where traditional bank financing isn't preferred or accessible, but parties still want legal protection. The agreement includes comprehensive sections covering loan terms, vehicle details, repayment schedules, and security arrangements, while maintaining flexibility to accommodate the friendly nature of the transaction. It's drafted to be compliant with Pakistan's Contract Act 1872 and relevant vehicle regulations, while also considering local customs and practices in private lending arrangements.
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1. Parties: Identification of the lender and borrower with full legal names, addresses, and CNIC numbers
2. Background: Brief context of the friendly loan arrangement and the purpose of the agreement
3. Definitions: Key terms used in the agreement including 'Vehicle', 'Loan Amount', 'Repayment Schedule', etc.
4. Loan Details: Specific amount being loaned, any administrative costs, and disbursement method
5. Vehicle Details: Complete description of the vehicle including make, model, year, color, engine number, and chassis number
6. Repayment Terms: Payment schedule, installment amounts, and method of payment
7. Security Arrangements: Details of the vehicle being used as security/collateral for the loan
8. Default and Remedies: Consequences of missed payments and steps for resolution
9. Vehicle Usage and Maintenance: Obligations regarding vehicle maintenance and permitted usage during the loan period
10. Termination: Conditions under which the agreement can be terminated and the process thereof
11. Governing Law: Specification that the agreement is governed by Pakistan law
1. Islamic Finance Compliance: Section declaring the arrangement's compliance with Islamic principles, to be included if parties wish to explicitly follow Islamic financing principles
2. Insurance Requirements: Details of required vehicle insurance coverage, if the parties agree to mandatory insurance
3. Early Repayment: Terms for early loan repayment, if allowed
4. Third-Party Guarantor: Details of any guarantor and their obligations, if additional security is required
5. Dispute Resolution: Specific procedures for resolving disputes, such as mediation before legal action
6. Assignment: Rights and restrictions regarding transfer of loan obligations to other parties
7. Death or Incapacity: Procedures in case of death or incapacity of either party
1. Schedule 1 - Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule 2 - Vehicle Documentation: Copies of vehicle registration, insurance certificates, and photographs
3. Schedule 3 - Condition Report: Detailed report of the vehicle's condition at the time of agreement
4. Appendix A - Payment Records: Template for recording payments made and remaining balance
5. Appendix B - Vehicle Maintenance Log: Template for recording vehicle maintenance during the loan period
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Insurance
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Relevant Teams
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Finance
Compliance
Risk Management
Personal Banking
Documentation
Vehicle Finance
Private Client Services
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Relevant Roles
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Loan Officer
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Vehicle Finance Specialist
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