যানবাহন ঋণ চুক্তি

VEHICLE LOAN AGREEMENT This Agreement is executed on [loan_date] BETWEEN [lender_name] (hereinafter "the Lender") Address: [lender_address] AND [borrower_name] (hereinafter "the Borrower") Address: [borrower_address] for financing the purchase of the following vehicle (the "Vehicle"): [vehicle_details] 1. LOAN The Lender has advanced Rs. [loan_amount] to the Borrower at [interest_rate]% per annum, repayable over [tenure_months] months. 2. REPAYMENT 2.1 The loan with interest shall be repaid in equated monthly instalments as follows: EMI amount : Rs. [emi_amount] Date of first EMI : [first_emi_date] Each later EMI falls due on the same day of each following month. 2.2 Payments shall be made by bank transfer, mandate or cheque to the Lender's designated account. The Lender shall give a statement of account on request. 2.3 The Borrower may prepay the whole or any part of the loan with interest accrued to the date of prepayment, on such charges, if any, as are agreed in writing. 3. HYPOTHECATION 3.1 The Vehicle shall stand hypothecated to the Lender as security until the loan is fully repaid, and the Borrower shall not sell, transfer, let out or further encumber it without the Lender's written consent. 3.2 The Borrower shall have the hypothecation entered in the certificate of registration of the Vehicle as provided under the Motor Vehicles Act, 1988. 3.3 On full repayment, the Lender shall issue a no dues certificate and a no objection certificate for cancellation of the hypothecation entry without delay. 4. INSURANCE AND UPKEEP 4.1 The Borrower shall keep the Vehicle comprehensively insured for the whole period of the loan, with the Lender's interest as hypothecatee noted on the policy, and shall keep it in good condition, use it lawfully, and pay all taxes and fees relating to it. 4.2 The Borrower shall inform the Lender in writing without delay of any accident, theft or seizure of the Vehicle. Insurance proceeds shall first be applied towards the amount due to the Lender. 5. DEFAULT Each of the following is an event of default: failure to pay any EMI on its due date; sale, transfer or encumbrance of the Vehicle without the Lender's consent; lapse of the insurance; or breach of any other term not remedied within fifteen days of written notice. 6. CONSEQUENCES OF DEFAULT AND REPOSSESSION 6.1 On an event of default, the Lender shall give the Borrower written notice of not less than fifteen days to pay the overdue amount or remedy the default. 6.2 If the default continues after that period, the Lender may recall the whole outstanding amount and take possession of the Vehicle, in accordance with applicable law and without the use of force, intimidation or harassment. 6.3 After taking possession, the Lender shall give the Borrower a further written notice of not less than seven days within which the Borrower may pay the amount due and take back the Vehicle. If the Borrower does not do so, the Lender may sell the Vehicle at a fair price, apply the sale proceeds towards the amount due and costs of recovery, and pay any surplus to the Borrower. Any shortfall remains recoverable from the Borrower. 7. STAMP DUTY This Agreement is executed on stamp paper of the value prescribed under the stamp law of the State in which it is executed. 8. GOVERNING LAW This Agreement is governed by the laws of India. IN WITNESS WHEREOF the parties have executed this Agreement on the date first written above. LENDER BORROWER [lender_name] [borrower_name] WITNESSES 1. Name: ______________________ Signature: ______________ Address: ______________ 2. Name: ______________________ Signature: ______________ Address: ______________