The Promise To Pay Loan Agreement is a fundamental document in Indian lending practice, used to formalize loan arrangements between lenders and borrowers. This document is essential when extending or receiving credit, whether in a personal or business context, and creates a legally binding obligation under Indian law. It's particularly important as it combines elements of a promissory note with comprehensive loan terms, making it stronger than a simple IOU. The agreement should be used whenever a loan is made, as it provides protection for both parties by clearly documenting the loan amount, interest rate, repayment terms, and consequences of default. It must comply with Indian Contract Act requirements and other relevant financial regulations, including state-specific stamp duty requirements. The document is commonly used by banks, financial institutions, and private lenders, and can be adapted for various loan purposes while maintaining its core promise-to-pay characteristics.
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1. Parties: Identification of the lender and borrower with complete details including names, addresses, and registration numbers if applicable
2. Background: Context of the loan, relationship between parties, and purpose of the loan
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specific amount being lent and detailed purpose for which the loan is being granted
5. Interest Rate: Agreed interest rate, calculation method, and compound interest provisions if applicable
6. Repayment Terms: Payment schedule, installment amounts, and payment methods
7. Representations and Warranties: Borrower's declarations regarding their financial condition, legal capacity, and authority to enter into the agreement
8. Events of Default: Circumstances constituting default and consequences thereof
9. Remedies: Lender's rights and remedies in case of default
10. Notices: Method and addresses for serving notices between parties
11. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for dispute resolution
1. Security: Details of any collateral or security provided for the loan - include when loan is secured
2. Guarantee: Terms of guarantee and guarantor details - include when there are third-party guarantors
3. Insurance: Requirements for insurance of any secured assets - include for secured loans
4. Prepayment Terms: Conditions and penalties for early repayment - include if early repayment is restricted
5. Assignment: Rights to assign the agreement to third parties - include if assignment rights are important
6. Electronic Execution: Provisions for digital signing and electronic communications - include if agreement will be executed electronically
7. Force Majeure: Provisions for unforeseen circumstances affecting repayment - include if needed for long-term loans
1. Schedule 1 - Repayment Schedule: Detailed amortization schedule showing payment dates, principal and interest breakup
2. Schedule 2 - Security Details: Detailed description of security/collateral including valuations and documentation
3. Schedule 3 - KYC Documents: List of identity and address proof documents provided by borrower
4. Schedule 4 - Disbursement Schedule: If loan is to be disbursed in tranches, details of conditions and timeline
5. Appendix A - Payment Instructions: Bank account details and payment processing information
6. Appendix B - Specimen Signatures: Authorized signatures of all parties including guarantors if any
Relevant legal definitions
Agreement
Applicable Law
Business Day
Borrower
Default Interest
Default Event
Due Date
Effective Date
Encumbrance
Financial Year
Interest Rate
Interest Period
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Outstanding Amount
Payment Date
Prepayment
Principal Amount
Repayment Schedule
Security
Security Documents
Stamp Duty
Tax
Term
Working Day
Drawing Notice
Guarantor
Parties
Purpose
RBI
Secured Assets
Transaction Documents
Applicable Law
Business Day
Borrower
Default Interest
Default Event
Due Date
Effective Date
Encumbrance
Financial Year
Interest Rate
Interest Period
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Outstanding Amount
Payment Date
Prepayment
Principal Amount
Repayment Schedule
Security
Security Documents
Stamp Duty
Tax
Term
Working Day
Drawing Notice
Guarantor
Parties
Purpose
RBI
Secured Assets
Transaction Documents
Clauses
Loan Amount
Interest
Repayment
Security
Representations and Warranties
Covenants
Events of Default
Remedies
Payment Terms
Prepayment
Assignment
Notices
Force Majeure
Indemnification
Guarantee
Governing Law
Dispute Resolution
Severability
Amendment
Entire Agreement
Counterparts
Stamp Duty
Registration
Confidentiality
Further Assurance
Costs and Expenses
Set-off
Acceleration
Cross Default
Insurance
Interest
Repayment
Security
Representations and Warranties
Covenants
Events of Default
Remedies
Payment Terms
Prepayment
Assignment
Notices
Force Majeure
Indemnification
Guarantee
Governing Law
Dispute Resolution
Severability
Amendment
Entire Agreement
Counterparts
Stamp Duty
Registration
Confidentiality
Further Assurance
Costs and Expenses
Set-off
Acceleration
Cross Default
Insurance
Relevant Industries
Banking
Financial Services
Real Estate
Construction
Manufacturing
Retail
Agriculture
Healthcare
Education
Technology
Small Business
Private Lending
Relevant Teams
Legal
Finance
Credit
Risk Management
Compliance
Operations
Treasury
Collections
Corporate Secretariat
Business Development
Account Management
Relevant Roles
Legal Counsel
Finance Manager
Credit Officer
Loan Officer
Risk Manager
Compliance Officer
Financial Controller
Chief Financial Officer
Banking Relations Manager
Collections Manager
Corporate Secretary
Business Development Manager
Account Manager
Treasury Manager
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