A Business Loan Contract is a fundamental document used when a business entity seeks financial assistance from a bank or financial institution in India. This agreement is essential for documenting the lending relationship and ensuring legal compliance with Indian banking regulations, including RBI guidelines and the Banking Regulation Act. The contract typically covers loan amount, purpose, interest rates, repayment schedule, security details, and various covenants. It's particularly important as it creates legally binding obligations and provides security for the lender while establishing clear terms for the borrower. The document must comply with Indian contract law requirements and often needs to be stamped and registered according to local state laws to be legally enforceable.
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1. Parties: Identification of the lender and borrower with complete details including registration numbers, addresses and authorized representatives
2. Background: Context of the loan agreement including purpose of the loan and any relevant pre-contractual discussions
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specific details of the loan amount and its approved business purpose
5. Interest Rate and Computation: Details of interest rate, basis of computation, and change mechanisms
6. Repayment Terms: Schedule of repayment including principal and interest payment dates
7. Security: Details of primary and collateral security offered against the loan
8. Conditions Precedent: Conditions that must be satisfied before loan disbursement
9. Representations and Warranties: Statements of fact and assurances given by the borrower
10. Borrower's Covenants: Positive and negative obligations of the borrower during the loan term
11. Events of Default: Circumstances constituting default and consequences thereof
12. Lender's Rights and Remedies: Actions lender can take in case of default or breach
13. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction over disputes
1. Guarantee: Required when there is a personal or corporate guarantee for the loan
2. Insurance: Needed when specific insurance coverage is required for secured assets
3. Assignment and Transfer: Include when loan transfer or assignment rights need to be specified
4. Cross Default: Required when default in other loans/facilities should trigger default under this loan
5. Force Majeure: Include when specific provisions for unforeseen circumstances are needed
6. Digital Documentation: Required when agreement execution or communications will be electronic
1. Schedule 1 - Loan Disbursement Schedule: Detailed schedule of loan disbursement tranches and conditions
2. Schedule 2 - Repayment Schedule: Detailed amortization schedule with dates and payment amounts
3. Schedule 3 - Security Details: Comprehensive description of all security/collateral provided
4. Schedule 4 - Condition Precedent Documents: List of all documents required before loan disbursement
5. Schedule 5 - Fee Schedule: Details of all applicable fees, charges and their computation
6. Appendix A - Form of Disbursement Request: Standard format for requesting loan disbursement
7. Appendix B - Compliance Certificate Format: Template for periodic compliance reporting
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