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Short Term Credit Agreement

Short Term Credit Agreement Template for India

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Key Requirements PROMPT example:

Short Term Credit Agreement

"I need a Short Term Credit Agreement for a 6-month working capital facility of INR 50 lakhs between ABC Bank Limited as lender and my tech startup, with monthly repayments and standard RBI-compliant interest rates, to be executed by March 2025."

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Document background
The Short Term Credit Agreement serves as a legally binding document used in India when a lender provides short-term financing to a borrower, typically for periods up to 12 months. This agreement is essential for working capital financing, bridge loans, or temporary funding requirements. It must comply with Indian banking regulations, particularly RBI guidelines on interest rates, lending practices, and documentation requirements. The document includes comprehensive details about the credit facility, repayment terms, security (if any), borrower obligations, and default consequences. It's commonly used by banks, NBFCs, and financial institutions for extending credit to businesses and individuals, incorporating necessary provisions for debt recovery and enforcement under Indian law.
Suggested Sections

1. Parties: Identification of the lender and borrower with complete details as required by Indian law

2. Background: Context of the credit facility and purpose of the loan

3. Definitions: Definitions of key terms used throughout the agreement

4. Facility Details: Amount, purpose, and nature of the credit facility

5. Interest and Fees: Interest rate, calculation method, and applicable fees in compliance with RBI guidelines

6. Drawdown: Conditions and procedure for drawing down the credit facility

7. Repayment Terms: Repayment schedule, method, and prepayment provisions

8. Representations and Warranties: Standard declarations by the borrower about their legal and financial status

9. Borrower Covenants: Positive and negative obligations of the borrower during the loan term

10. Events of Default: Circumstances constituting default and consequences thereof

11. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction details

Optional Sections

1. Security: Details of any collateral or security provided - included when the credit facility is secured

2. Guarantees: Terms of any personal or corporate guarantees - included when guarantors are involved

3. Insurance: Insurance requirements for secured assets - included for secured facilities

4. Assignment and Transfer: Rights to assign or transfer the loan - included for transferable facilities

5. Digital Execution: Provisions for electronic execution - included when digital signing is contemplated

Suggested Schedules

1. Facility Details Schedule: Detailed breakdown of the credit facility, including limits and sub-limits

2. Repayment Schedule: Detailed repayment dates and amounts

3. Conditions Precedent: List of documents and conditions required before drawdown

4. Form of Drawdown Notice: Template for requesting drawdown of the facility

5. Security Details: Detailed description of security/collateral if applicable

6. Fee Schedule: Detailed breakdown of all applicable fees and charges

7. Know Your Customer Requirements: List of required KYC documents as per RBI guidelines

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






































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Relevant Industries

Banking & Financial Services

Manufacturing

Retail

Technology

Real Estate

Infrastructure

Trading

E-commerce

Healthcare

Hospitality

Agriculture

Small and Medium Enterprises

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Credit

Operations

Corporate Banking

Company Secretarial

Accounts

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Financial Controller

Credit Manager

Legal Counsel

Company Secretary

Risk Manager

Compliance Officer

Relationship Manager

Credit Analyst

Finance Manager

Accounts Manager

Banking Operations Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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