व्यक्तिगत ऋण समझौता

PERSONAL LOAN AGREEMENT This AGREEMENT is made on [effective_date] BETWEEN [lender_name], residing at [lender_address] (hereinafter "the Lender"); Father's/Husband's name: [lender_father_name] AND [borrower_name], residing at [borrower_address] (hereinafter "the Borrower"). Father's/Husband's name: [borrower_father_name] WHEREAS the Borrower has requested a friendly loan from the Lender, and the Lender has agreed to advance the same on the terms recorded below, and the parties consider it prudent to record those terms in writing to avoid future misunderstanding. NOW IT IS AGREED AS FOLLOWS: 1. AMOUNT AND ACKNOWLEDGMENT 1.1 The Lender has advanced to the Borrower the sum of Rs. [loan_amount] (Rupees [amount_in_words] only). Mode of payment: [disbursement_mode] 1.2 The Borrower hereby acknowledges receipt of the said sum, and acknowledges the same as a debt due and payable to the Lender. This Agreement constitutes an acknowledgment of debt in writing. 2. PURPOSE Purpose of the loan: [purpose_of_loan] 3. INTEREST 3.1 Rate of simple interest (% per annum): [interest_rate] 3.2 Interest at the rate stated above shall run on the outstanding amount. Where the rate is stated as nil or zero, or is left blank, the loan is interest-free, and the Borrower shall repay only the principal sum. 4. REPAYMENT 4.1 The Borrower shall repay the loan in full, together with interest if any, on or before [repayment_date]. 4.2 Manner of repayment: [repayment_mode] 4.3 The Borrower may repay earlier in whole or in part without penalty. 4.4 The Lender shall issue a written receipt for each payment received, and shall return this Agreement marked "discharged" upon full repayment. 5. DEFAULT 5.1 If the Borrower fails to repay by the due date, the entire outstanding amount shall become immediately payable. 5.2 The Borrower shall be liable to pay interest on the overdue amount from the due date until actual payment, at the rate in clause 3.1 or, where the loan is interest-free, at such rate as a court may allow, and to bear all reasonable costs incurred by the Lender in recovering the amount, including legal costs. 5.3 Where any cheque issued by the Borrower towards repayment is dishonoured, the Lender may proceed under Section 138 of the Negotiable Instruments Act, 1881, in addition to any other remedy. 6. DECLARATIONS 6.1 The Borrower declares that the Borrower is of sound mind, has attained majority, and enters into this Agreement voluntarily and with full understanding of its terms. 6.2 The Borrower declares that the loan is being taken for a lawful purpose. 6.3 The Lender declares that the amount advanced is from lawful and disclosed sources. 7. NO ASSIGNMENT The Borrower's obligations under this Agreement are personal and may not be assigned or transferred. 8. ENTIRE AGREEMENT This Agreement records the entire understanding between the parties in respect of the loan, and supersedes any prior oral arrangement. No variation shall be valid unless in writing and signed by both parties. 9. GOVERNING LAW This Agreement is governed by the laws of India. Where more than one court has jurisdiction in law over a dispute arising out of this Agreement, the parties agree that the courts having jurisdiction over the Lender's place of residence shall decide it. IN WITNESS WHEREOF the parties have signed this Agreement on the date first written above, in the presence of the witnesses named below. LENDER BORROWER [lender_name] [borrower_name] WITNESSES 1. Name: ______________________ Signature: ______________ Address: ______________ 2. Name: ______________________ Signature: ______________ Address: ______________