The Personal Loan Repayment Agreement is a crucial document used in Indian lending practices when an individual borrows money from a financial institution or private lender. This agreement serves as the primary contract governing the loan relationship, detailing essential terms including the principal amount, interest rate, repayment schedule, and consequences of default. It's particularly important in the Indian context where personal lending is regulated by various laws including the Indian Contract Act, 1872, and RBI guidelines. The document should be used whenever a personal loan is extended, regardless of the amount, to ensure legal enforceability and clear understanding between parties. It includes provisions for security (if any), guarantors (if applicable), and specific repayment terms, all tailored to comply with Indian banking and finance regulations.
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1. Parties: Identifies and provides full details of the lender and borrower, including names, addresses, and contact information
2. Background: Explains the context of the loan agreement and the parties' intention to enter into a lending arrangement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Loan Amount and Purpose: Specifies the principal amount being lent and the stated purpose of the loan
5. Interest Rate and Calculations: Details the applicable interest rate, calculation method, and compounding frequency
6. Repayment Terms: Specifies the repayment schedule, installment amounts, and payment methods
7. Default and Consequences: Defines what constitutes a default and the consequences thereof, including acceleration of repayment
8. Representations and Warranties: Statements of fact and assurances made by the borrower regarding their financial situation and ability to repay
9. Borrower's Covenants: Ongoing obligations of the borrower during the loan term
10. Notices: Specifies how formal communications between parties should be made and delivered
11. Governing Law and Jurisdiction: Specifies that Indian law governs the agreement and establishes jurisdiction for dispute resolution
12. Miscellaneous: Contains standard boilerplate provisions including severability, entire agreement, and amendments
1. Security: Include when the loan is secured by any assets or collateral
2. Guarantor Provisions: Include when there is a guarantor for the loan
3. Insurance Requirements: Include when the borrower is required to maintain specific insurance coverage
4. Prepayment Terms: Include when early repayment is allowed with specific terms or penalties
5. Electronic Payment Authorization: Include when automatic electronic payments are being set up
6. Co-borrower Provisions: Include when there are multiple borrowers jointly taking the loan
1. Schedule A - Repayment Schedule: Detailed amortization schedule showing payment dates, principal and interest breakdowns
2. Schedule B - Security Details: Description and documentation of any security/collateral provided
3. Schedule C - KYC Documents: List of identity and address proof documents provided by the borrower
4. Appendix 1 - Payment Instructions: Detailed payment methods and bank account information
5. Appendix 2 - Guarantor Details: Personal and financial information of any guarantors
6. Appendix 3 - Loan Application Form: Copy of the original loan application with supporting documents
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