The Small Credit Agreement is a fundamental financial instrument used in the Indian market for facilitating small-scale lending transactions. This document is typically employed when a lender extends credit of a relatively small value to individuals or small businesses, requiring a formal but straightforward documentation approach. The agreement must comply with Indian banking regulations, RBI guidelines, and the Indian Contract Act, while remaining accessible and understandable to borrowers. It includes essential provisions for loan amount, interest calculation, repayment terms, borrower obligations, and default scenarios. The document is particularly relevant in today's growing microfinance and small business lending landscape in India, where formal documentation of even small credit transactions is increasingly important for both regulatory compliance and proper risk management.
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1. Parties: Identifies and provides full details of the lender and borrower
2. Background: Explains the context of the loan and purpose for which credit is being extended
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the credit amount and permitted use of funds
5. Interest Rate and Calculations: Details the applicable interest rate, calculation method, and frequency
6. Repayment Terms: Outlines the repayment schedule, installment amounts, and payment methods
7. Representations and Warranties: Standard declarations by the borrower about their financial status and capacity
8. Borrower Covenants: Ongoing obligations of the borrower during the loan term
9. Events of Default: Lists circumstances that constitute default and consequences thereof
10. Remedies: Lender's rights and remedies in case of default
11. Notices: Process for sending and receiving formal communications
12. Governing Law and Jurisdiction: Specifies Indian law as governing law and relevant jurisdiction for disputes
1. Security: Required if the loan is secured by any assets or collateral
2. Guarantee: Needed if a third party is guaranteeing the loan
3. Insurance: Required if specific insurance coverage is mandatory for the loan
4. Pre-payment: Include if early repayment is allowed, specifying terms and any penalties
5. Digital Payment Terms: Required if loan disbursement or repayment involves digital platforms
6. Assignment: Include if either party needs the right to assign the agreement
7. Force Majeure: Optional clause for unforeseen circumstances affecting loan performance
1. Schedule 1 - Loan Details: Detailed breakdown of loan amount, interest rate, and payment schedule
2. Schedule 2 - Repayment Schedule: Amortization table showing installment dates and amounts
3. Schedule 3 - Security Details: Description of any security/collateral (if applicable)
4. Schedule 4 - KYC Documents: List of required identity and address proof documents
5. Appendix A - Payment Methods: Accepted payment methods and banking details
6. Appendix B - Form of Notices: Standard templates for various notices under the agreement
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