Simple Loan Agreement Sample India
Publicado el 5/11/2021
When it comes to borrowing money, having a written agreement in place can protect both the borrower and the lender. A simple loan agreement outlines the terms of the loan, such as the amount borrowed, interest rate, repayment schedule, and any fees or penalties. In India, there are specific legal requirements for loan agreements, so it is important to have a comprehensive and legally binding document. Here is a sample of a simple loan agreement that can be used in India.
Loan Agreement
This agreement is made between [Lender Name], with its registered address at [Address], referred to as the “Lender,” and [Borrower Name], with its registered address at [Address], referred to as the “Borrower,” on [Date].
Loan Terms
The Lender agrees to lend to the Borrower the sum of [Loan Amount] Indian Rupees (INR) at an interest rate of [Interest Rate] per annum. The loan shall be repaid in [Number of Months] equal monthly installments of [Monthly Repayment Amount] INR, beginning on [First Repayment Date] and ending on [Final Repayment Date]. The Borrower shall make all payments to the Lender in INR at [Lender’s Bank Name and Account Number].
Late Payment
If the Borrower fails to make a payment within [Number of Days] days of the due date, a late fee of [Late Payment Fee] INR will be charged for each missed payment.
Default
If the Borrower fails to make a payment for [Number of Days] days after the due date, the Lender may declare the loan in default and demand immediate repayment of the outstanding balance.
Prepayment
The Borrower may prepay the loan at any time without penalty.
Governing Law
This agreement shall be governed by and construed in accordance with the laws of India.
Representations and Warranties
The Borrower represents and warrants that:
1. The loan will be used for lawful purposes.
2. The Borrower has the legal capacity to enter into this agreement.
3. The information provided in connection with the loan application is true and accurate.
4. The Borrower is not in default or in breach of any other loans or obligations.
5. The Borrower has read and understands the terms of this agreement.
Term
This agreement shall remain in effect until the loan has been fully repaid.
Amendments
This agreement may only be amended in writing and signed by both parties.
Conclusion
A simple loan agreement can help protect both the borrower and the lender from any misunderstandings or disputes. It is important to consult with a legal expert to ensure that the agreement meets all legal requirements in India. By having a comprehensive and legally binding loan agreement in place, both parties can rest assured that the terms of the loan are clearly defined and understood.
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