The Co-Borrower Loan Agreement is essential when multiple parties wish to jointly obtain a loan from a financial institution in Indonesia. This document is commonly used in situations where additional borrowers are needed to strengthen a loan application, such as family members co-borrowing for a home purchase or business partners sharing loan responsibility. The agreement must comply with Indonesian financial regulations, particularly OJK requirements and the Civil Code (KUHPerdata). It includes detailed provisions on joint liability, specifies each co-borrower's rights and obligations, and establishes clear terms for loan repayment and default consequences. This type of agreement is particularly important in the Indonesian market where collective borrowing arrangements are common in both consumer and business contexts.
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1. Parties: Identifies all parties to the agreement including the lender, primary borrower, and co-borrower(s)
2. Background: Explains the context of the loan and the relationship between the borrowers
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the principal amount of the loan and its intended use
5. Joint and Several Liability: Establishes the nature and extent of co-borrowers' joint responsibility for the loan
6. Interest and Fees: Details the interest rate, calculation method, and any applicable fees
7. Repayment Terms: Specifies payment schedule, methods, and allocation between co-borrowers
8. Representations and Warranties: Statements of fact and assurances from all borrowers
9. Covenants: Ongoing obligations and restrictions on borrowers during the loan term
10. Events of Default: Circumstances constituting default and consequences thereof
11. Remedies: Lender's rights and actions in case of default
12. Communications: Requirements for notices and other communications between parties
13. Governing Law and Jurisdiction: Specifies Indonesian law as governing law and jurisdiction for disputes
14. General Provisions: Standard boilerplate clauses including amendments, severability, and entire agreement
1. Security: Include when loan is secured by collateral or assets
2. Insurance: Include when borrowers are required to maintain specific insurance coverage
3. Death or Incapacity: Include specific provisions for handling death or incapacity of any co-borrower
4. Early Repayment: Include when early repayment options are available with specific terms
5. Change in Co-Borrower Status: Include when mechanism for co-borrower withdrawal or replacement is needed
6. Electronic Execution: Include when agreement may be executed electronically
7. Special Payment Arrangements: Include when co-borrowers have specific payment sharing arrangements
1. Schedule 1 - Loan Details: Detailed breakdown of loan amount, interest rates, and payment schedule
2. Schedule 2 - Repayment Schedule: Amortization table showing payment dates and amounts
3. Schedule 3 - Co-Borrower Contribution Details: Breakdown of each co-borrower's share of responsibility
4. Schedule 4 - Security Details: Description of any collateral or security provided
5. Appendix A - Required Documents: List of documents required from each co-borrower
6. Appendix B - Payment Instructions: Banking and payment processing details
7. Appendix C - Contact Information: Detailed contact information for all parties
Relevant legal definitions
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Banking
Financial Services
Real Estate
Consumer Finance
Microfinance
Small Business Lending
Property Development
Agriculture Finance
Education Finance
Healthcare Finance
Relevant Teams
Legal
Compliance
Risk Management
Credit Operations
Loan Administration
Customer Service
Collections
Documentation
Underwriting
Account Management
Relevant Roles
Loan Officer
Credit Analyst
Legal Counsel
Compliance Officer
Risk Manager
Banking Operations Manager
Relationship Manager
Credit Risk Officer
Branch Manager
Underwriter
Financial Advisor
Document Controller
Legal Administrator
Collections Manager
Account Manager
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