The Informal Loan Agreement is commonly used in India for documenting loans between individuals, family members, friends, or small businesses where formal institutional lending is either not preferred or not accessible. This document type is particularly relevant in situations requiring quick execution while maintaining legal validity under Indian law. The agreement typically includes essential elements such as loan amount, interest rate (complying with Indian usury laws), repayment schedule, and default provisions. While informal in nature, it should still comply with the Indian Contract Act, 1872, and relevant state money lending regulations. The document can be customized based on the specific needs of the parties while maintaining its enforceability in Indian courts.
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1. Parties: Identifies and provides full details of the lender and borrower including names, addresses, and contact information
2. Background: Brief context about the purpose of the loan and the relationship between parties
3. Definitions: Defines key terms used in the agreement for clarity
4. Loan Amount and Purpose: Specifies the principal amount being lent and its intended use
5. Interest Rate: States the agreed interest rate and calculation method
6. Repayment Terms: Details of how and when the loan will be repaid, including payment schedule
7. Default and Consequences: Explains what constitutes a default and the consequences thereof
8. Representations and Warranties: Basic statements about the parties' capacity to enter into the agreement
9. Governing Law: Specifies that Indian law governs the agreement
10. Signatures: Space for parties to sign and date the agreement
1. Security: Include when the loan is secured by any assets or collateral
2. Guarantor: Required when a third party is guaranteeing the loan
3. Early Repayment: Include if early repayment is allowed and any associated terms
4. Insurance: Include if any insurance is required for the loan or collateral
5. Assignment: Include if either party may transfer their rights under the agreement
6. Dispute Resolution: Include specific dispute resolution procedures if desired beyond standard court process
7. Force Majeure: Include if parties want to account for unforeseen circumstances affecting loan repayment
1. Schedule A - Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule B - Asset Details: Description of any assets provided as security (if applicable)
3. Schedule C - Additional Terms: Any special conditions or terms specific to this loan
4. Appendix 1 - KYC Documents: Copies of identity and address proof documents of parties
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Treasury
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Accountant
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Company Secretary
Finance Director
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Operations Manager
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