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    Business Loan Agreement: A XXXXXX

    Uploaded by

    jainam
    1) TechMech Pvt. Ltd. has taken a loan of Rs. 50,00,000 from FineMech Pvt. Ltd. 2) The loan is to be repaid within 12 months in 12 equal monthly installments of Rs. 4,67,000 each along with an interest rate of 12% annually. 3) In case of any delay in payments, TechMech will be liable to pay a late charge of 15% of the unpaid installment amount.

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    © All Rights Reserved
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    Business Loan Agreement: A XXXXXX

    Uploaded by

    jainam
    59 views4 pages
    1) TechMech Pvt. Ltd. has taken a loan of Rs. 50,00,000 from FineMech Pvt. Ltd. 2) The loan is to be repaid within 12 months in 12 equal monthly installments of Rs. 4,67,000 each along with an interest rate of 12% annually. 3) In case of any delay in payments, TechMech will be liable to pay a late charge of 15% of the unpaid installment amount.

    Original Description:

    loan

    Original Title

    Loan Final

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    © © All Rights Reserved

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    1) TechMech Pvt. Ltd. has taken a loan of Rs. 50,00,000 from FineMech Pvt. Ltd. 2) The loan is to be repaid within 12 months in 12 equal monthly installments of Rs. 4,67,000 each along with an interest rate of 12% annually. 3) In case of any delay in payments, TechMech will be liable to pay a late charge of 15% of the unpaid installment amount.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    59 views4 pages

    Business Loan Agreement: A XXXXXX

    Uploaded by

    jainam
    1) TechMech Pvt. Ltd. has taken a loan of Rs. 50,00,000 from FineMech Pvt. Ltd. 2) The loan is to be repaid within 12 months in 12 equal monthly installments of Rs. 4,67,000 each along with an interest rate of 12% annually. 3) In case of any delay in payments, TechMech will be liable to pay a late charge of 15% of the unpaid installment amount.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    A XXXXXX

    BUSINESS LOAN AGREEMENT

    This loan agreement is made and will be effective on 09/08/206

    BETWEEN

    TechMech Pvt. Ltd. hereinafter referred to as the Borrower with a Registered Office

    at Nest Ground, Near Dharnidhar, Ahmedabad, 380007.

    AND

    FineMech Pvt. Ltd. hereinafter referred to as the Lender with a Registered Office at

    SICART building near Vasna, Ahmedabad 380007.


    Terms and Conditions:

    Promise to Pay:

    Within 12 months from today, Borrower promises to pay the Lender 50, 00,000 (Rs.

    Fifty Lakhs only) and interest as well as other charges avowed below.

    Liability:

    Although this agreement may be signed below by more than one person, each of the

    undersigned understands that they are each as individuals responsible and jointly and

    severally liable for paying back the full amount.

    Details of Loan: Agreed Between Borrower and Lender:

    Amount of Loan: 50, 00, 000/-

    Other (Describe) - None

    Amount financed: Whole Amount (50, 00 000/-)

    Finance charge: None

    Total of payments: 56, 00, 000/-

    ANNUAL PERCENTAGE RATE 12%

    Repayment of Loan:

    Borrower will pay back in the following manner:


    Borrower will repay the amount of this note in 12 continuous monthly installments.

    Borrower will be paying 11 EMIs of 4, 67, 000/- & Last EMI of 4, 63, 000/- to clear

    this loan and interest on it from the date of 09/08/2016

    Prepayment of Loan:

    Borrower has the right to pay back the whole exceptional amount at any time. If

    Borrower pays before time, or if this loan is refinanced or replaced by a new note,

    Lender will refund the unearned finance charge.

    Late Charges:

    Any payment not remunerated within 15 days of its due date shall be subject to a

    belatedly charge of 15% of the payment for any such late installment.

    Security/Collateral:

    To protect Lender, Borrower gives what is known as a security interest or mortgage in:

    8 signed cheques of the Borrowers Bank Account.

    Failure to pay:

    If for any reason Borrower not succeeds to make any payment on time, Borrower shall

    be in default. The Lender can then order instant payment of the entire remaining unpaid
    balance of this loan, without giving any further notices and borrower shall be liable for

    all the legal proceedings on his non-payment of due amount.

    Collection fees:

    If this note is placed with a legal representative for collection, then Borrower agrees to

    pay an attorney's fee of fifteen percent (15%) of the voluntary balance. This fee will be

    added to the unpaid balance of the loan.

    Co-borrowers:

    Any Co-borrowers signing this agreement agree to be likewise accountable with the

    borrower for this loan.

    Borrower and Lender both agree to follow above mentioned terms and conditions.

    _______________________________

    Borrowers Signature Witnesss Signature

    ________________________________

    Lenders Signature Witnesss Signature

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