Agreement Format For Loan In India
This document should be read carefully by the parties and the guarantor (if applicable). The loan agreement is legally binding if it has been printed on an extrajudicial stamp document or an electronic stamp document and signed and dated by each party. The value of the buffer paper depends on the state in which it is executed. Each state of India has provisions regarding the amount of stamp duty to be paid on such agreements. Information on stamp duty to be paid can be found on the web pages of the Land Government. For example, the Karnataka state website provides details on the stamp duty to be paid on the agreements, as does the Delhi website. Secured: A secured loan is a loan that is issued and backed by guarantees that can be used in the event that the borrower can no longer make payments. Collateral is usually a physical asset that can be confiscated and/or sold by the lender to pay off the loan balance. Warranties can be a car, a house, stocks or bonds. B) a person who has arrived in India or is in India, in both cases, other than: (B.1) for or when employed in India or (B.2) for the exercise of an activity or appeal in India or (B.3) for another purpose, among those who indicate their intention to remain indefinitely in India; (h) “person” means a person. (i) “repayment” means the repayment of principal and loan interest, bonds and/or other charges, charges or other charges to be paid to the lender under this Agreement. (j) `down payment` means the early repayment of the loan, in whole or in part. (k) “monthly payment” means the amount of the monthly payment during the loan period.
l) “Post Dated Cheques” or “PDCs”, the cheques corresponding to the tranche drawn by the borrower for the benefit of the lender, which bear the data corresponding to the maturity date of each tranche. (m) “EMI”: monthly rates treated as (n) “working days” on the day on which Indian banks are open for business. 1.2. References to Articles, Clauses, Recitals, Annexes and Annexes shall refer to Articles, Clauses, Recitals, Annexes and Annexes of this Agreement. 1.3. Any reference to a legal provision includes the provision that is amended, re-elected or consolidated from time to time, to the extent that such modification or reorganization or consolidation applies or applies to transactions entered into under this Agreement. 1.4. Words that designate only the singular must contain the plural and vice versa.
1.5. Words that refer only to the male sex include the female sex and vice versa. . . .