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1. Parties: Identification of the family member providing the loan (Lender) and the family member receiving the loan (Borrower), including full legal names and Emirates ID numbers
2. Background: Brief context of the family loan arrangement and purpose of the loan for vehicle purchase
3. Definitions: Key terms used throughout the agreement including 'Vehicle', 'Loan Amount', 'Repayment Schedule', and other relevant terms
4. Loan Details: Specific details of the loan including principal amount, any applicable interest or profit rate (if any, considering Sharia compliance), and term of the loan
5. Vehicle Details: Comprehensive description of the vehicle including make, model, year, color, and VIN number
6. Repayment Terms: Details of how and when repayments will be made, including payment method and schedule
7. Vehicle Ownership and Registration: Clarification of vehicle ownership during the loan period and registration requirements
8. Default Provisions: Consequences of missed payments or default, adapted to the family context
9. Termination: Conditions under which the agreement can be terminated by either party
10. Governing Law: Specification that the agreement is governed by UAE law and Sharia principles
1. Interest/Profit Rate: Optional section for including any agreed interest or profit rate, if applicable and agreed between parties (considering Sharia compliance)
2. Security Arrangements: Additional security measures if required, such as vehicle registration restrictions or holding of vehicle documents
3. Insurance Requirements: Specifications for vehicle insurance during the loan period, if required by the lender
4. Early Repayment: Terms for early loan repayment and any associated conditions
5. Dispute Resolution: Family-oriented dispute resolution process before resorting to legal action
6. Death or Incapacity: Provisions for handling the loan in case of death or incapacity of either party
7. Vehicle Usage Restrictions: Any specific conditions regarding vehicle usage during the loan period
8. Maintenance Requirements: Responsibilities for vehicle maintenance during the loan period
1. Schedule 1 - Repayment Schedule: Detailed monthly repayment schedule showing dates and amounts
2. Schedule 2 - Vehicle Documentation: Copies of vehicle registration card, insurance documents, and condition report
3. Schedule 3 - Payment Methods: Details of approved payment methods and banking information
4. Appendix A - Vehicle Inspection Report: Initial condition report of the vehicle at the time of agreement
5. Appendix B - Family Member Witnesses: List of family members witnessing the agreement (if applicable)
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