This Unsecured Loan Agreement template is designed for use in India when parties wish to enter into a lending arrangement without any collateral or security backing the loan. The document is particularly useful for personal loans, business loans, or inter-company lending where the lender relies solely on the borrower's creditworthiness and promise to repay. It complies with Indian banking regulations, contract law, and financial services guidelines, incorporating necessary provisions for interest calculation, repayment terms, default scenarios, and enforcement mechanisms. The agreement is structured to protect both lender and borrower interests while ensuring legal enforceability under Indian jurisdiction, making it suitable for various lending scenarios from simple personal loans to complex corporate borrowing arrangements.
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1. Parties: Identifies and provides full details of the lender and borrower
2. Background: Sets out the context of the loan agreement and the intention of the parties to enter into the lending arrangement
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Loan Amount and Purpose: Specifies the principal amount being lent and its intended use
5. Interest Rate: Details the applicable interest rate, calculation method, and payment frequency
6. Repayment Terms: Outlines the repayment schedule, installment amounts, and payment methods
7. Representations and Warranties: Statements of fact and assurances given by the borrower regarding their financial condition and ability to repay
8. Events of Default: Lists circumstances that constitute default and their consequences
9. Rights and Remedies: Specifies the lender's rights and available remedies in case of default
10. Notices: Specifies how formal communications between parties should be made and delivered
11. Governing Law and Jurisdiction: Confirms Indian law as governing law and specifies jurisdiction for dispute resolution
12. Execution: Formal signing section with witness requirements
1. Prepayment Provisions: Include when early repayment options are to be allowed, specifying any prepayment penalties or benefits
2. Late Payment Charges: Include when specific penalties for delayed payments are to be imposed
3. Insurance Requirements: Include when the borrower is required to maintain specific insurance coverage
4. Assignment and Transfer: Include when either party needs the right to assign or transfer their rights under the agreement
5. Electronic Communications: Include when parties agree to use electronic means for notices and communications
6. Force Majeure: Include when parties want to address circumstances beyond their control affecting loan obligations
7. Co-signer Provisions: Include when a co-signer or guarantor is involved in the loan arrangement
1. Repayment Schedule: Detailed amortization table showing payment dates, principal and interest breakup
2. KYC Documents: List of identity and address proof documents provided by the borrower
3. Fee Schedule: Breakdown of all applicable fees, charges, and penalties
4. Bank Account Details: Banking information for loan disbursement and repayment
5. Income and Financial Documents: List of financial statements and income proof provided by borrower
Relevant legal definitions
Agreement
Applicable Law
Borrower
Business Day
Default Interest Rate
Default Notice
Due Date
Effective Date
Event of Default
Interest Period
Interest Rate
Lender
Loan
Material Adverse Effect
Outstanding Amount
Payment Date
Prepayment
Principal Amount
Repayment Schedule
Standard Interest Rate
Term
Working Day
Permitted Purpose
Late Payment Charges
Authorized Representative
Notice
Parties
Processing Fee
Related Documents
Sanctions
Applicable Law
Borrower
Business Day
Default Interest Rate
Default Notice
Due Date
Effective Date
Event of Default
Interest Period
Interest Rate
Lender
Loan
Material Adverse Effect
Outstanding Amount
Payment Date
Prepayment
Principal Amount
Repayment Schedule
Standard Interest Rate
Term
Working Day
Permitted Purpose
Late Payment Charges
Authorized Representative
Notice
Parties
Processing Fee
Related Documents
Sanctions
Clauses
Loan Amount
Interest
Repayment
Representations and Warranties
Covenants
Events of Default
Remedies
Prepayment
Payment Terms
Late Payment
Force Majeure
Assignment
Notices
Confidentiality
Indemnification
Amendment
Severability
Entire Agreement
Governing Law
Dispute Resolution
Waiver
Costs and Expenses
Further Assurance
Counterparts
Interest
Repayment
Representations and Warranties
Covenants
Events of Default
Remedies
Prepayment
Payment Terms
Late Payment
Force Majeure
Assignment
Notices
Confidentiality
Indemnification
Amendment
Severability
Entire Agreement
Governing Law
Dispute Resolution
Waiver
Costs and Expenses
Further Assurance
Counterparts
Relevant Industries
Banking
Financial Services
Microfinance
Retail Banking
Corporate Banking
Fintech
Small Business Services
Consumer Finance
Peer-to-Peer Lending
Digital Banking
Relevant Teams
Legal
Finance
Credit Risk
Compliance
Operations
Business Development
Documentation
Loan Processing
Corporate Banking
Retail Banking
Relevant Roles
Legal Counsel
Finance Manager
Credit Risk Officer
Loan Officer
Compliance Officer
Business Development Manager
Financial Analyst
Branch Manager
Relationship Manager
Credit Manager
Banking Operations Manager
Legal Documentation Specialist
Corporate Finance Manager
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