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Personal Loan Agreement Form 1

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Personal Loan Agreement Form 1
Personal Loan Agreement Form 1
(To be stamped as an agreement)
THIS AGREEMENT is made at ____________________ this the ________ day of __________, 2_____ between
_____________________________________________ ________________
___________ (hereinafter called ‘the Borrower’ which expression shall, unless repugnant to the context or meaning
thereof be deemed to include his/her/their heirs, executors, administrators, legal representatives, successors and
permitted assigns) of the ONE PART and The South Indian Bank Ltd., a banking company within the meaning of the
Companies Act, 1956 having its registered office at “SIB House”, T.B.Road, Thrissur and one of its Branches at
_____________________ among other places (hereinafter referred to as the “Bank” which expression shall, unless
repugnant to the context or meaning thereof be deemed to include its successors and assigns) of the OTHER PART
WHEREAS the Borrower/s has applied to the bank for a loan/advance of Rs.___________ (Rupees
_________________ only) for the purpose of ______________________________________________
AND WHEREAS the bank agreed to advance/already advanced such loan upon the terms set forth in these presents
and in other loan/security documents.
1) The Loan Application shall be deemed to constitute the basis of this agreement and of the loan advanced or
to be advanced by the bank hereunder and the borrower hereby warrants the correctness of each and
everyone of the statement and particulars therein contained and undertakes to carry out the proposals
therein set forth.
2) The Borrower/s hereby agrees that the said advance shall be governed by the terms and conditions
contained herein as well as those embodied in the loan sanction letter, Instrument of Hypothecation, Deed
of Guarantee, and other loan and/or security documents except in so far as the loan/security documents
may expressly or by necessary implication be modified by these presents.
3) The Borrower/s agrees and undertakes that the said advance shall be utilised exclusively for the purpose
set forth in the Borrower's proposal and for no other purpose.
4) The Borrower/s agrees and undertakes to notify the bank in writing of any circumstances affecting the
correctness of any particulars set forth in the Borrowers proposal immediately after the occurrence of any
such circumstances.
5) The loan will be disbursed to the borrower in one or more instalment(s) as may be required by the
borrower. The disbursement may be direct to the supplier or by credit to Savings Bank or Current Account
of the Borrower, depending upon the purpose for which the loan is sanctioned. The borrower shall give at
least three clear days prior notice of drawal of any instalment of the loan which advise may be waived by
the Bank at its option. In the case of joint borrowing by more than one person,
Mr./Mrs/Ms.___________________ shall draw the amount in stages as stipulated.
6) The Borrower agrees to repay the loan amount in _____ equated monthly instalments EMI) of
Rs.____________. The first of such instalment shall be paid on or before ___________ and subsequent
instalments on or before the same day of each month thereafter, till complete repayment.
7) Rate of Interest
Personal Loan Agreement Form 1