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LOAN AGREEMENT This LOAN AGREEMENT is made on [effective_date] BETWEEN [lender_name], residing/having its place of business at [lender_address] (the "Lender"); AND [borrower_name], residing/having its place of business at [borrower_address] (the "Borrower"). WHEREAS the Borrower has approached the Lender for a loan, and the Lender has agreed to lend on the terms recorded below. NOW IT IS AGREED AS FOLLOWS: 1. THE LOAN 1.1 The Lender agrees to lend and the Borrower agrees to borrow the sum of Rs. [loan_amount] (Rupees [amount_in_words] only) (the "Loan"). 1.2 The Loan was/shall be disbursed on [disbursement_date]. Mode of disbursement: [disbursement_mode] 1.3 Where the Loan has been disbursed on or before the date of this Agreement, the Borrower acknowledges its receipt and confirms that this Agreement constitutes an acknowledgment of the debt. Where any part of the Loan is disbursed after that date, the Borrower shall acknowledge its receipt in writing at the time of disbursement. 2. INTEREST 2.1 The Loan shall carry interest at the rate of [interest_rate]% per annum, calculated on the outstanding principal. 2.2 Interest shall accrue from the date of disbursement until the date of full repayment. 3. REPAYMENT 3.1 The Borrower shall repay the Loan together with interest over a tenure of [tenure_months] months. Basis of repayment: [repayment_mode] If no basis is stated above, the Loan together with interest shall be repaid in full at the end of the tenure. 3.2 All payments shall be made by bank transfer to the Lender's designated account, and shall be applied first towards costs, then interest, then principal. 3.3 Time is of the essence in respect of every payment obligation under this Agreement. 4. PREPAYMENT The Borrower may prepay the whole or any part of the Loan at any time, together with interest accrued to the date of prepayment, without penalty unless otherwise agreed in writing. 5. SECURITY Security or collateral, if any: [security_details] Where security is provided, the Borrower shall execute all such documents as the Lender may reasonably require to create and perfect that security, and shall not create any further encumbrance over it without the Lender's written consent. 6. EVENTS OF DEFAULT Each of the following is an Event of Default: 6.1 Failure to pay any instalment, interest or other sum on its due date; 6.2 Breach of any other term of this Agreement not remedied within fifteen days of written notice; 6.3 Any representation made by the Borrower proving to have been false or misleading in a material respect; 6.4 The Borrower becoming insolvent, or any insolvency, bankruptcy or winding-up proceeding being commenced against the Borrower; 6.5 Any security provided being materially diminished in value or becoming unenforceable; 6.6 Any cheque issued by the Borrower towards repayment being dishonoured. 7. CONSEQUENCES OF DEFAULT 7.1 On an Event of Default, the Lender may by written notice declare the entire outstanding principal, together with accrued interest and all other sums, immediately due and payable, notwithstanding the agreed tenure. 7.2 Overdue amounts shall carry default interest at the rate stated below, in addition to the contractual rate, from the due date until actual payment. If no rate is stated, overdue amounts shall carry interest at the contractual rate only. Default interest rate (% per annum): [default_interest_rate] 7.3 The Lender may enforce any security provided and pursue all remedies available in law. 7.4 The Borrower shall bear all costs, including legal costs, reasonably incurred by the Lender in recovering the amounts due. 8. REPRESENTATIONS BY THE BORROWER The Borrower represents that: the Borrower has full legal capacity to enter into this Agreement; the information furnished to the Lender is true and complete; there is no litigation or proceeding pending that would materially affect the Borrower's ability to repay; and the Borrower is not in default of any other borrowing. 9. NO WAIVER No delay or indulgence by the Lender in enforcing any right shall operate as a waiver of that right, nor shall any single or partial exercise preclude further exercise. 10. ASSIGNMENT The Lender may assign its rights under this Agreement. The Borrower may not assign or transfer any obligation under this Agreement. 11. NOTICES Notices shall be in writing and sent to the addresses stated above, or such other address as a party may notify in writing. 12. 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. 13. GOVERNING LAW AND JURISDICTION 13.1 This Agreement is governed by the laws of India. 13.2 Subject to applicable law, the courts at the place stated below shall have exclusive jurisdiction over any dispute arising out of this Agreement. If no place is stated, disputes shall be decided by the courts having jurisdiction under the Code of Civil Procedure, 1908. Place: [jurisdiction_city] 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: ______________