PERSONAL LOAN AGREEMENT
This Personal Loan Agreement (‘Agreement’) is made at the place and on the date as set out in Schedule I.
BETWEEN
BAJAJ FINANCE LIMITED, a company incorporated under the provisions of the Companies Act, 1956, and existing under the provisions of Companies Act, 2013, having its registered office at Mumbai Pune Road, Akurdi, Pune – 411035, Maharashtra and corporate office at S No. # 208/1-B, 4th Floor, Viman Nagar, Pune – 411014, Maharashtra, acting in these presents through its branch office located in the city/town as mentioned in Schedule I and with GSTIN [l] (‘BFL’ or the ‘Lender’, which expression shall, unless repugnant to the context, include its successors and assigns) of the First Part;
AND The Borrower material particulars whereof are described and set out in Schedule I, of the OTHER PART.The Lender and Borrower are hereinafter collectively referred to as ‘Parties’ and individually as ‘Party’
WHEREAS: AThe Lender is a non-banking finance company, inter alia, engaged in the business of providing loans/credit facilities to various customers.B. The Borrower has requested the Lender to grant the Loan to the Borrower and the Lender, relying upon the representations made and information provided by the Borrower, has agreed to grant the Loan to the Borrower, on the terms and conditions mutually agreed and contained in this Agreement and in other Loan Documents, up to the maximum principal amount as mentioned in Schedule I, and for the purpose as mentioned in the Application Form, in its sole and absolute discretion.NOW, THEREFORE, in consideration of the foregoing and other good and valid consideration, the receipt and adequacy of which is expressly acknowledged, the Parties hereby agree as follows:
DEFINITIONS AND INTERPRETATION
1 Definitions For the purposes of this Agreement, in addition to the terms defined in the description of the Parties:
(a) all capitalised words and expressions defined by inclusion in quotation and/or parenthesis anywhere in this Agreement, have the same meanings as ascribed to such words and expressions;
(b) words and expressions used herein but not defined shall have the same meaning as assigned to them in General Clauses Act, 1897; and
(c) following words and expressions shall have the meaning as set-out in this Clause
1:Additional Loan‘ means the loan as may be applied by the Borrower to the Lender, over and above the amount of the Loan sanctioned by the Lender, up to the maximum of the Flexi Assigned Limit, as may be approved by the Lender;
Additional Loan Addendum’ means an addendum to this Agreement, substantially in the format prescribed by The Lender, in relation to the Additional Loan;’Affiliate’ means the subsidiary company and/or holding company and/or associate company of BFL where the subsidiary company, holding company and associate company shall have the meaning ascribed to such term in The Companies Act, 2013, as amended from time to time;
Agreement‘ means and includes this Agreement, together with all the schedules, exhibits, addendums, attachments and appendices annexed hereto and all amendments/supplements hereto and restatements hereof;’
Applicable Law‘ means the ‘Indian Law’ as per the General Clauses Act, 1897;’Application Form’ means the Loan application, in the form and manner prescribed and acceptable to the Lender Together with such documents and information as may be required by the Lender, filled in and submitted by The Borrower to the Lender in relation to the Loan;
Bounce Charges means an amount payable by the Borrower to the Lender as a penalty where PDCs issued by The Borrower is not honoured by the bank, or ECS or any other Repayment Mode is returned or not honoured;’Business Day’ means a day on which the Lender and banks are open for business in Delhi, Pune and Mumbai location of the drawee bank on which the Repayment Mode is drawn;
Due Date’ means, in respect of:
(a) the Monthly Instalment and/or Outstanding Dues, the respective Repayment Dates .
the interest on the Outstanding Dues, the Interest Payment Date;
(c) costs, charges and expenses incurred or paid by the Lender under the Loan Documents, within seven
(7) Business Days from the date on which the Borrower has received notice from the Lender providing details of such costs,charges and expenses; and
(d) any other amount payable under the Loan Documents, the date on which such amount falls due in terms of The Loan Documents, or on demand if the due date is not specified in such Loan Document;’Electronic Clearing System or ECS’ or NACH, means the debit clearing schemes, notified by RBI from time to time,being mode(s) of electronic funds transfer from one bank account to another bank account using the services of clearing house or any other platform or mechanism duly authorised in this regard including without limitation The National Electronic Clearing Service;
Flexi Term Loan’ means the variant of the Loan provided by the Lender to the Borrower for an amount mentioned in schedule Flexi Drawdown’ means the loan as may be granted by the Lender to the Borrower for an amount less than equivalent to the amount prepaid and/or repaid by the Borrower under Flexi Term Loan, the Flexi Interest-only Loan or Flexi Hybrid Loan, as the case may be.;’Flexi Hybrid Loan’ refers to the variant of Loan provided by the Lender to the Borrower under which, during the Initial tenure the Monthly Installment shall comprise only of the interest component and during the Subsequent Tenure, theMonthly Installment shall comprise of principal amount and the interest payable on the Loan, basis the variant of Loan opted by the Borrower and as specified under Schedule II.’IMPS’ means the instant real-time inter-bank electronic funds transfer system.’Flexi Interest-only Loan’ means the variant of the Loan with respect to which Monthly Installments shall comprise only of the interest component and the Loan amount shall be repayable on or before the Repayment Date subject tothe terms of this Agreement.;’Initial Tenure’ means the initial term period of the Flexi Hybrid Loan, out of the overall Loan Tenure commencing from the date of disbursal of the Loan by the Lender.’Instalment Holiday Loan’ means the variant of the Loan as mentioned in Schedule II;’Interest Payment Date’ means the due date for the payment of the Monthly Instalment of the interest on the Loan At the Interest Rate and/or such other date as may be specified by the Lender, commencing from the date of the disbursement of the Loan or the date on which the Loan is booked by the Lender in the name of the Borrower in theLender’s books, whichever is earlier and includes the due date for the payment of interest on the principal amount payable by the Borrower before the commencement of the Monthly Instalment;’Interest Rate’ means the rate of interest in relation to the Loan as mentioned in Schedule II.
Flexi Assigned Limit’
means the amount of the loan which has been approved by the Lender to the Borrower over and above the amount of the Loan sanctioned, up to the maximum outer limit as provided in Schedule II;’Loan’ means:
(i) the personal loan provided by the Lender to the Borrower upto a maximum principal amount as mentioned in Schedule Iand such loan may be either in form of a term loan or one of the variants or a combination of such variants from the following options as approved by BFL:
(a) Instalment Holiday Loan; and
(b) Step Up Structured Monthly Installment Loan; and
(c) Step Down Structured Monthly Installment Loan; and
(d) Flexi Term Loan; and
(e) Flexi Interest-only Loan; and(f) Flexi Hybrid Loan.
Indebtedness” means:
(a) Taxes;
(b) Application form.(c) bank book application and bank book application letter.(d) this Agreement;(e) any other document executed from time to time pursuant to any of the foregoing to which the Borrower or Borrower is a party; and (f) any contract or other document designated by the Lender as a Loan Document..
GOVERNING LAW
The jurisdiction, interpretation, enforcement and resolution of any dispute arising out of or in connection with this Agreement shall be governed by the laws of India. The parties agree that all matters arising out of this Agreement shall be subject to the exclusive jurisdiction of the courts or tribunals (as the case may be) located in Pune, India.