Personal Loans Agreement Form
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PERSONAL LOAN TERMS AND CONDITIONS IDFCFIRST/PLAG/13082020/V3 CUSTOMER NAME : __________________________________________ LOAN ACCOUNT NUMBER : ___________________________________ General Instructions 1) The Signature of the Borrower and Co-borrower should be the same on the Loan Agreement & ApplicationForm. 2) The full Signature of the Borrower and Co-borrower is to be put in all places where there is a mark. 3) Customer Loan Agreement Copies are located at https://www.idfcfirstbank.com/ banking-products/loans/personal-loan-agreement.html IDFC FIRST Bank Limited (formerly IDFC Bank Limited) Naman Chambers, C 32, G Block, Bandra Kurla Complex, Bandra (East), Mumbai 400051 Tel: +91 22 7132 5500, Fax: +91 22 2654 0354 Registered Office: KRM Towers, 7th Floor, No. 1, Harrington Road, Chetpet, Chennai 600031. Tel: +91 44 4564 4000 Fax: +91 44 4564 4022 CIN: L65110TN2014PLC097792, [email protected], www.idfcfirstbank.com Sign against appropriate box 01 PERSONAL LOAN AGREEMENT This Agreement made on the day, month and year set out in the Annexure hereto accepted or not enchased by the borrower/previous financier within the between the person(s) named in the annexure to this Agreement (hereinafter period of 90 days then Bank shall be entitled to the following:- referred to as “the Borrower”, which expression shall, unless the context otherwise requires, include his/ her/their heirs, executors and permitted assigns) of One a) The Bank shall have the right to recall the credit facility or stop Part; further drawdown/disbursement. AND b) The BT Cheque or DD issued in the name of previous financier/ Borrower shall be cancelled. IDFC FIRST Bank Limited, formerly known as IDFC Bank Limited a company registered under the Companies Act, 2013 and a banking company within the c) The undrawn/ uncashed amount by the borrower/previous financier meaning of Banking Regulation Act, 1949 having its Registered Office at KRM shall be adjusted towards Principal outstanding as part prepayment of Tower, 8th Floor, No: 1, Harrington Road, Chetpet, Chennai-600031, Tamilnadu, the loan amount, by giving effect to the EMI in the Loan and keeping India, and among others, a branch office at the place specified in Annexure hereto the loan tenor constant. (hereinafter called “The Bank” which expression shall, unless it be repugnant to the subject or context thereof, include its successors and assigns) of the Second d) Part payment charges won’t be levied on aforementioned adjusted Part. amount. The Borrower and the Bank are hereinafter collectively referred to as ‘Parties’ and e) Revised loan repayment schedule shall be assigned to the borrower. individually as the ‘Party’. f) Borrower won’t be entitled for refund of any processing fees, service WHEREAS, The Borrower has/have approached the Bank for grant of loan for the charge and /or other charges/fees/costs(if any). All these charges( if amount and the purpose (“Purpose”) as stated in the Schedule hereto which the applicable) would be payable to the Bank whether or not the Credit Bank, has agreed to grant/extend to the Borrower. The Parties hereto are desirous facility has been drawn by the borrower. of recording the terms and conditions in relation to the Loan to be made by the 2.3. The borrower is aware that BT Cheque OR DD will be reissued within the Bank to the Borrower on the terms and conditions hereinafter contained. span of 90 days of disbursement only if the said Cheque or DD is mutilated Unless a contrary indication appears, any reference in this Agreement to: or has spelling error or for any reason is not acceptable by the previous financier. i) Any expression not defined herein but defined in the General Clauses Act, 1897, the meaning or interpretation assigned to such expression therein 2.4. The Bank may not disburse at any time, any amount under the Loan unless shall also carry the same meaning herein; the following conditions are complied with in the sole discretion of the Bank: i) This Agreement is duly executed and delivered to the Bank by the ii) A person includes any person, firm, company, corporation, government, Borrower; state or agency of a state or any association, trust or partnership (whether or not having separate legal personality); ii) The Borrower’s submission to the satisfaction of the Bank of a certificate of employment from his employer and his iii) The singular includes the plural (and vice versa); financial statements; iv) Reference to the masculine gender includes references to the feminine iii) The Borrower’s submission to the Bank, post-dated cheques towards gender and the neuter gender and vice versa. repayment instalments; and NOW, THESE PRESENTS WITNESSETH AND IT IS HEREBY AGREED BY AND iv) Any other document or writing as the Bank may require in its sole BETWEEN THE PARTIES HERETO AS FOLLOWS- discretion. INTEREST v) The Borrower(s) having furnished such Security as may be required by the Bank, as more specifically detailed in the annexure, in a form and 1.1.1. The Borrower shall pay interest on the Loan as per the Rate of Interest manner satisfactory to the Bank. specified in the Annexure as amended from time to time and shall be computed and debited to the Loan Account as following- 3. Repayment i) On the day of each calendar month/quarter/half year/year as stated in 3.1. The Loan (including the principal, interest thereon and any other charges, the Annexure; premium, fees, taxes levies or other dues payable by the Borrower to the Bank in terms of this Agreement) shall be repayable by the Borrower to the Bank- ii) Taking the basis of 365 days a year; iii) On the actual amount outstanding on the last day of the preceding i) At the Branch (or at any other branch of the Bank or at any other place period of one month/quarter/half year/year as stated in the Annexure. as may be notified by the Bank) by way of standing instruction and/or iii) On the actual amount outstanding on the last day of the preceding electronic clearing system or in any other manner as the Bank may specify period of one month/quarter/half year/year as stated in the Annexure. from time to time in writing. 1.2.1 FEES/CHARGES/COSTS ii) By way of EMI as mentioned in the Annexure towards repayment of principal and interest; and The Borrower has paid/agreed to pay on or before the disbursement of the Loan to the Bank the processing charges, service charges, (including 3.2 Notwithstanding anything to the contrary contained in the present, the service tax, if any), disbursement charges, collection charges (if payments Borrower agrees with the Bank that the Bank shall have the right at any are made to a third party beneficiary), penalties (if any), registration time or from time to time to review and reschedule the repayment terms of charges, other charges/fees/costs etc. as mentioned in the Annexure. Such the Loan or of the outstanding amount thereof in such manner and to such processing fees, service charge and /or other charges/fees/costs shall be extent as the Bank may at its sole discretion decide. non-refundable and would be payable to the Bank whether or not the Loan has been drawn down. 3.3 The Borrower also undertakes and agrees to pay the interest on the loan, free from any deduction whether on account of tax or otherwise.. The 1.2.2 The Borrower agrees and covenants with the Bank to promptly pay (a) Borrower shall hold the Bank harmless and fully indemnified for any claim the applicable stamp duty on this Agreement and also on such other which may be made in this regard by any tax authorities and undertake to documents as may be executed in relation / incidental to the presents, pay forthwith any such demands which the Bank may become liable to pay. (b) all present and future taxes which may include any duties, expenses If the Borrower fails to pay the amount so demanded by the Bank, then the and other charges whatsoever in relation to this Agreement, the Loan and/ Borrower hereby authorises the Bank to enforce any Security that might or the Security or any other charges or benefits under this Agreement have been created in relation to the Loan, for the purpose of recovery of including interest (overdue interest/additional interest) penalty and (c) all the said tax amount. other charges, costs and expenses from time to time specified by the Bank (including all costs and expenses incurred or paid by the Bank) in 3.4 Delay in payment of EMI etc. relation to this Agreement and/or any Security and/or for recovery of the i) On happening of any Event of Default as set out in Article 6 of this Loan or any part thereof. In case of failure of the Borrower to pay the Agreement: foregoing, the Bank shall be entitled to debit all other amounts due and a) Such defaulted amount shall carry Default Interest Rate, computed payable by the Borrower under this Agreement to the Loan Account and the from the respective due dates and shall be compounded on daily basis; same shall form part of the Loan and b) The Borrower shall at its own cost create additional security interest in 2. DISBURSEMENT such form and manner as may be required by the Bank. ii) The default interest shall be charged/debited to the Loan Account The Bank shall, subject to the provisions of this Agreement and unless on the respective due dates and shall be deemed to form part of the agreed between the Borrower and the Bank otherwise, disburse the Loan outstanding Loan.