The Personal Loan Agreement with Notary is a crucial legal instrument used in India when formalizing personal lending arrangements that require an additional layer of authenticity and security. This document becomes necessary when parties wish to create a more robust and legally verifiable record of their lending arrangement, particularly for substantial loan amounts or when required by institutional policies. The agreement, governed by Indian law, comprehensively covers loan terms, repayment schedules, interest calculations, and default provisions while incorporating notarial verification under the Notaries Act, 1952. It's particularly relevant in situations where the lender requires additional security beyond a standard loan agreement, or when either party needs to ensure maximum legal enforceability of the contract terms. The notarization process helps prevent potential fraud and provides an additional layer of evidence regarding the agreement's execution date and the identity of the signing parties.

1. Parties: Details of the lender and borrower, including full legal names, addresses, and identification details

2. Background: Context of the loan agreement and the intention of the parties to enter into this lending arrangement

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

4. Loan Amount and Disbursement: Specification of the principal loan amount and how/when it will be disbursed

5. Interest Rate: Details of the applicable interest rate, calculation method, and frequency of interest charges

6. Repayment Terms: Schedule of repayments, including installment amounts, due dates, and payment methods

7. Security and Collateral: Details of any assets provided as security for the loan

8. Representations and Warranties: Statements of fact and assurances made by the borrower regarding their financial status and ability to repay

9. Events of Default: Circumstances that constitute default and the consequences thereof

10. Rights and Remedies: Legal rights and remedies available to the lender in case of default

11. Notices: Process and addresses for serving formal notices between parties

12. Governing Law and Jurisdiction: Specification of Indian law as governing law and relevant jurisdiction for disputes

13. Notarial Declaration: Formal notarial statements and attestations