The Consumer Credit Contract serves as the primary legal instrument for documenting credit arrangements between financial institutions and individual consumers in India. This document is essential when extending various forms of consumer credit, including personal loans, vehicle loans, or credit facilities. It incorporates mandatory requirements from the Banking Regulation Act, RBI guidelines, and Consumer Protection Act 2019, ensuring compliance with Indian banking and consumer protection regulations. The agreement includes comprehensive details about credit terms, interest calculations, repayment schedules, borrower obligations, and lender's rights, while maintaining transparency as required by Indian law. It's designed to protect both the lender's interests and consumer rights, with specific provisions for default management and dispute resolution under Indian jurisdiction.
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Key Requirements PROMPT example:
Consumer Credit Contract
"Need a Consumer Credit Contract for a vehicle loan of INR 500,000 with the vehicle as collateral, including comprehensive insurance requirements and prepayment options for a 36-month tenure starting March 2025."
1. Parties: Identification of the lender and borrower with complete details as required by KYC norms
2. Background: Context of the credit arrangement and purpose of the loan
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the credit amount and its intended use
5. Interest Rate and Calculations: Detailed explanation of interest rate, calculation method, and APR
6. Repayment Terms: Payment schedule, method of payment, and due dates
7. Fees and Charges: Complete disclosure of all applicable fees, charges, and penalties
8. Representations and Warranties: Statements of fact and promises made by the borrower
9. Borrower's Obligations: Key responsibilities and commitments of the borrower
10. Events of Default: Circumstances constituting default and consequences
11. Lender's Rights and Remedies: Actions the lender can take in case of default
12. Term and Termination: Duration of the agreement and conditions for termination
13. Notices: Method and addresses for official communications
14. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
1. Security: Required when the loan is secured by any assets or guarantees
2. Insurance Requirements: Needed when insurance is mandatory for the credit facility
3. Co-borrower Details: Include when there are multiple borrowers
4. Prepayment Terms: Include when early repayment is allowed with specific conditions
5. Electronic Communication Consent: Required for digital lending platforms
6. CIBIL Score Acknowledgment: Include when credit decision is based on credit score
7. Special Conditions: For any unique terms specific to the borrower or credit type
1. Schedule 1 - Loan Details: Detailed breakdown of loan amount, interest, tenure, and EMI
2. Schedule 2 - Repayment Schedule: Complete amortization schedule with payment dates
3. Schedule 3 - Fee Schedule: Comprehensive list of all applicable fees and charges
4. Schedule 4 - KYC Documents: List of identity and address proof documents provided
5. Schedule 5 - Security Details: Description of security/collateral if applicable
6. Appendix A - Standard Instructions: Standing instructions for loan disbursement and repayment
7. Appendix B - Declaration Form: Borrower's declarations and confirmations
Authors
Relevant legal definitions
Agreement
Applicable Law
Annual Percentage Rate (APR)
Application
Borrower
Business Day
Co-Borrower
Credit Facility
Credit Limit
Default Interest
Due Date
EMI (Equated Monthly Installment)
Events of Default
Facility Term
Financial Year
Force Majeure
Guarantor
Interest Rate
KYC Documents
Lender
Loan Account
Material Adverse Effect
Outstanding Amount
Penal Interest
Prepayment
Principal Amount
Processing Fee
Repayment Schedule
RBI
Sanction Letter
Security
Security Interest
Schedule of Charges
Term of Agreement
Working Day
Applicable Law
Annual Percentage Rate (APR)
Application
Borrower
Business Day
Co-Borrower
Credit Facility
Credit Limit
Default Interest
Due Date
EMI (Equated Monthly Installment)
Events of Default
Facility Term
Financial Year
Force Majeure
Guarantor
Interest Rate
KYC Documents
Lender
Loan Account
Material Adverse Effect
Outstanding Amount
Penal Interest
Prepayment
Principal Amount
Processing Fee
Repayment Schedule
RBI
Sanction Letter
Security
Security Interest
Schedule of Charges
Term of Agreement
Working Day
Clauses
Loan Amount
Interest Rate
Repayment Terms
Security
Representations and Warranties
Covenants
Default
Acceleration
Fees and Charges
Payment Terms
Prepayment
Insurance
Assignment
Notices
Force Majeure
Indemnification
Confidentiality
Data Protection
Electronic Communications
Credit Reporting
Collection
Dispute Resolution
Governing Law
Severability
Amendment
Entire Agreement
KYC Compliance
Consumer Rights
Disclosure
Term and Termination
Interest Rate
Repayment Terms
Security
Representations and Warranties
Covenants
Default
Acceleration
Fees and Charges
Payment Terms
Prepayment
Insurance
Assignment
Notices
Force Majeure
Indemnification
Confidentiality
Data Protection
Electronic Communications
Credit Reporting
Collection
Dispute Resolution
Governing Law
Severability
Amendment
Entire Agreement
KYC Compliance
Consumer Rights
Disclosure
Term and Termination
Relevant Industries
Banking and Financial Services
Consumer Finance
Retail Banking
Microfinance
Financial Technology
Consumer Lending
Personal Banking
Digital Banking
Relevant Teams
Legal
Compliance
Risk Management
Consumer Banking
Retail Banking
Credit Operations
Documentation
Collections
Customer Service
Product Development
Branch Operations
Relevant Roles
Credit Manager
Loan Officer
Legal Counsel
Compliance Officer
Risk Manager
Personal Banking Manager
Credit Risk Analyst
Consumer Banking Officer
Branch Manager
Documentation Specialist
Customer Service Representative
Financial Services Manager
Retail Banking Officer
Collections Manager
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