Personal Car Loan scheme

1. PURPOSE

To purchase:

1.1 New Car/Van/Jeep/Multi Utility Vehicle (MUV) or Sports Utility

Vehicles (SUV)

1.2 Old car/van/jeep/MUV/SUV, which are not older than three years.
(only for Harcobank Staff)

2. ELIGIBILITY
2.1(a) Confirmed / permanent employees of State/Central Govt. and their
Boards/ Corporation/ undertakings;
(b) Businessmen whose taxable income is more than 4.00 lakh including
depreciation as per latest ITR.

2.2 For private use: Individuals.

2.3 Joint borrowers are also eligible, i.e., parent(s)/spouse/ Earning

Children. However, out of these only one joint borrower shall be
permitted. Further, in case of joint borrowers an option be got
exercised to specify the name of the applicant borrower in whose
name they want to get the vehicle registered.
NOTE:-

(i) At the time of processing of loan the borrower‟s place of posting

should be at Chandigarh/ Distt. Panchkula.
(ii) The prospective borrower‟s post should not be transferable outside to
Haryana and Chandigarh;
(iii) Those branches whose NPA of previous financial year exceeds to 5%
subsequent sanction of loans by the branch will automatically stand
withdrawn only till the NPA percentage improves to below 5%.
(iv) Employees who are placed under suspension are not eligible under the
scheme during the period their suspension.

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 (v) The minimum length of service must be completed of 3 years.

2.4 MINIMUM INCOME CRITERIA FOR INDIVIDUALS

Minimum gross monthly salary / pension/ income - Rs.20000/-

OR
Subject to change from time to time.

3. EXTENT OF LOAN

3.1 Maximum Rs. 20.00 Lakhs or 20 times of gross salary whichever is

lower.

3.2 Nature of Loan - Term Loan

4. MARGIN

4.1 For New Vehicle: 10% of Ex-show room price

4.2 For Old Vehicles: 10% of the value of the vehicle.

4.2.1 (Valuation of old vehicles to be done at current invoice price of the

new vehicle less depreciation @ 15% p.a. on straight line method.

5. REPAYMENT PERIOD:

5.1 For New Car/Van/Jeep/MUV/SUV: The loan amount together with

interest is to be repaid maximum in 84 equated monthly installments
comprising of principal and interest commencing from the succeeding
month.

5.2 For Old Car/Van/Jeep/ MUV/SUV: The loan amount together with
interest is to be repaid maximum in 60 equated monthly installments.

5.3 Repayment to be ensured within 65 years of age subject to regular

income of the borrower.

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 5.4 In case the loan is allowed to joint borrowers, it be ensured that atleast
one of the joint borrower(s) is able to repay the loan alongwith interest
upto the maximum prescribed age, i.e., within 65 years.

6. PERMISSIBLE DEDUCTION:
6.1 Repayment should be fixed on a realistic basis, which should not
exceed the prescribed limit of Net Monthly Salary/Income (NMS/I) of
the borrower(s).
6.2 NMS/I is equal to {Gross Salary / Income– Statutory Deductions such
as Income Tax, Professional Tax, Other Tax Liabilities, PF etc.} For
this purpose, all deductions including the proposed Car Loan
installment should not exceed the prescribed ceiling as under:-

i) The carry home pay (including deduction of proposed personal loan

installment) of an employee drawing salary upto Rs. 10.00 lakhs
annually under no circumstances should be less than 50% of his/her
gross emoluments;
ii) The carry home pay (including deduction of proposed personal loan
installment) of an employee drawing salary above Rs. 10.00 lakhs
annually under no circumstances should be less than 40% of his/her
gross emoluments;
7. REGULARITY OF INCOME:

7.1(a)For Salaried class:- Latest salary slip, Form16/ITR for the last 3 years
be taken, perused and placed on record. Assessment of Loan/
Repaying capacity be arrived at on the basis of latest salary slip;
(b)For businessmen :- latest 3 years ITR Returns

7.2 Obtain last 6 month‟s salary account statement of prospective

borrower. CA / SB statement of last 6 months in case of businessmen.

7.3 The regularity of income of borrowers over the entire span of loan
should be clearly established before sanction of loan.

7.4 Salary certificates must be independently verified from HR Deptts. of

the concerned office by the BM/ Acctt./JA.

7.5 Further, Specific CARE be exercised in respect of IT returns showing

SUDDEN SPURT in the salary/ income levels. Recommending/
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 sanctioning authority to fully satisfy himself/ herself before
considering acceptance of such income/ salary. Justification/ basis of
the same be provided in the recommendation/ sanction note.

7.6 Illustrative charts indicating Equated Monthly Installment to cover

repayment of principal and interest have been provided with the
scheme.

7.7 For Recovery/ Repayment of EMIs - Obtain PDcs equivalent to EMIs

of loan. Further, Branch Managers are advised to take few additional
cheques as security. However, such instruments are to be used only
for purpose of taking legal action under Payment and Settlement Act.
8. Rate of Interest on Car Loans – Fix rate option
8.1 For Public :- For new Car
CIBIL Score 800 and above 8.75% p.a.
CIBIL Score 700 and below 800 9.00% p.a.
CIBIL Score 600 and below 700 9.25% p.a.
CIBIL Score below 600 not accepted.
CIBIL Score (0 to – 1 ) 9.25% p.a.
CIBIL Score (1 to upto 5 ) 9.25% p.a.
8.2 For Harcobank employees:-For new Car

CIBIL Score 800 and above 8.25% p.a.

CIBIL Score 700 and below 800 8.55% p.a.
CIBIL Score 600 and below 700 8.75% p.a.
CIBIL Score below 600 not accepted.
CIBIL Score (0 to – 1 ) 9.25% p.a.
CIBIL Score ( 1 to upto 5 ) 9.25% p.a.

8.3 For Harcobank employees:- For old Car 11.25% p.a.

Note:- i) Rate of interest will be changeable from time to time;

9. PENAL INTEREST

After 15 days of default 3% p.a. on default amount over and

above the normal rate of interest.

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 10. LATE PAYMENT CHARGES :-

a) Late payment charges Rs. 250/- plus taxes after 15 days of default.
b) Cheque bounce charges Rs. 250/- plus taxes per cheque.

11. PRE-PAYMENT CHARGES :- NIL

12. PROCESSING FEES :-

a) For Public :- Rs. 1000/- plus taxes per vehicle

b) Harcobank Staff: NIL

Processing fee charges should be obtained before disbursement of loan

13. INSURANCE:

The vehicle will be comprehensively insured by the borrower with

the joint name of the bank and the policy be renewed every year for
the market value or at least 10% above the loan amount outstanding,
whichever is higher. A copy of the Insurance Policy as well as every
renewal will be supplied to the bank by the borrower. The borrower
will be personally responsible for any lapse in this respect. In case
the insurance policy is not renewed on time, the entire outstanding
loan will become immediately payable/ recoverable by/from the
borrower.
14. SECURITY: Vehicle purchased to be hypothecated to the bank. Name
of the branch must be mentioned on the JRC (Joint Registration
Certificate) and a BM verified copy of the same to be kept on record.
Copy of RC should be submitted by the borrower within three months
after that Rs. 2500/- p.m. will be charged as penalty plus taxes if any.

15. GUARANTEE
 The vehicle purchased will be hypothecated in favour of the bank and the
borrower will be responsible to get the necessary entries in this regard
made in the registration record within one month. The copy of the
Registration will be essentially furnished to the bank, for bank‟s record,
after recording of bank‟s hypothecation charge therein. Third party

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  guarantee of the spouse or other legal heir will be provided. The
borrower will also provide at least one Post Dated Cheque as security
for the entire loan amount sanctioned. At least one employee of Govt.
of Haryana or its Board, Corporation etc. will also stand surety to the
loan amount.

 The guarantor (s) CIBIL Score below 600 is not acceptable.

16. DISBURSEMENT: It should be personally ensured by the
Incumbent that draft representing cost of the vehicle is delivered to
authorized dealer/seller of the vehicle and receipt/bill in joint names
is obtained. While making delivery of the proceeds of the vehicle, an
undertaking from the Dealer/ Authorized agent be obtained and held
on record that in case of cancellation of booking of vehicle for
whatsoever reason, the proceeds shall be refunded directly to the
Bank and in any case should not be refunded/ handed over to the
borrower.
17. GENERAL:
17.1 Finance will be provided for purchase of vehicle of indigenous/foreign
makes.

17.2 The intending borrower will be required to deposit the difference of

the cost of the vehicle and amount of loan and bank will pay the entire
price of the vehicle to the seller direct on behalf of the borrower.
Advance, if any, paid for booking of the vehicle shall be taken as a
part of margin.

17.3 Driving license of the borrower may not be insisted upon. An

undertaking that the vehicle would be driven by a valid driving license
holder to be obtained.

17.4 a) The loan will be disbursed within one month from the date of
sanction;

b) KYC norms of prospective borrower / s as well as guarantor(s)

must be complied;

Salaried employees, statement of account should be of that account, in

which their salary is being credited. This is to facilitate ascertaining
general conduct of the account including other borrowings.

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 17.5 Three months‟ liability of other Bank loan can be waived while
calculating the loan eligibility.
FOR HARCOBANK EMPLOYEES ONLY
i) Employees at the time of availing loan should be posted at
Chandigarh and Panchkula;
ii) If an employee transferred to DCCBs, the installment of loan will be
serviced through LPC procedure / or PDCs.
18. DOCUMENTATION/ CHECK LIST:
The following documents to be obtained:
• Application– cum – appraisal / sanction Form
• Proforma Invoice.
• Letter of Sanction.
• Letter of Hypothecation –
• Irrevocable letter of authority from borrower authorizing the
employer to remit salary/installment and other amount payable
to the Bank cum letter of acknowledgement from employer–
Wherever applicable.
• Guarantee Deed (wherever applicable)
 At location where ECS (Debit) is not available - Recovery/
Repayment of EMIs in Car loan accounts be considered
through PDCs /Standing Instruction. Mandate of the customers
for debiting their accounts through Advance cheques signed by
the borrower repaying monthly installments under the cover of
letter be obtained. Such Post dated advance cheques should be
obtained of that account whose statement of account is
obtained and not of the Bank where a shadow account is
opened just for getting cheque book.
OR
Wherever (debit)/ Standing Instructions are obtained, 2-3 PDCs
are to be procured/ maintained by the branches/ Retail Asset
Branches to keep remedy alive under Section-138 of Negotiable
Instruments Act.

• Description of the vehicle to be hypothecated;

• An undertaking that the vehicle would be driven by a valid
driving license holder to be obtained.
************

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 EMI CHART
Monthly installment of loan of Rs. 1.00 Lakh at different interest rates for different loan repayment periods

ROI 1 yr 2 yr 3 yr 4yr 5 yr 6yr 7 Yr 8 yr 9 Yr 10 Yr

5.00 8561 4387 2997 2303 1887 1610 1413 1266 1152 1061
5.25 8572 4398 3008 2314 1899 1622 1425 1278 1164 1073
5.50 8584 4410 3020 2326 1910 1634 1437 1290 1176 1085
5.75 8595 4421 3031 2337 1922 1646 1449 1302 1188 1098
6.00 8607 4432 3042 2349 1933 1657 1461 1314 1201 1110
6.25 8618 4443 3054 2360 1945 1669 1473 1326 1213 1123
6.50 8630 4455 3065 2372 1957 1681 1485 1339 1225 1135
6.75 8641 4466 3076 2383 1968 1693 1497 1351 1238 1148
7.00 8653 4477 3088 2395 1980 1705 1509 1363 1251 1161
7.25 8664 4489 3099 2406 1992 1717 1522 1376 1263 1174
7.50 8676 4500 3111 2418 2004 1729 1534 1388 1276 1187
7.75 8687 4511 3122 2430 2016 1741 1546 1401 1289 1200
8.00 8699 4523 3134 2441 2028 1753 1559 1414 1302 1213
8.25 8710 4534 3145 2453 2040 1766 1571 1426 1315 1227
8.50 8722 4546 3157 2465 2052 1778 1584 1439 1328 1240
8.75 8734 4557 3168 2477 2064 1790 1596 1452 1341 1253
9.00 8745 4568 3180 2489 2076 1803 1609 1465 1354 1267
9.25 8757 4580 3192 2500 2088 1815 1622 1478 1368 1280
9.50 8768 4591 3203 2512 2100 1827 1634 1491 1381 1294
9.75 8780 4603 3215 2524 2112 1840 1647 1504 1394 1308
10.00 8792 4614 3227 2536 2125 1853 1660 1517 1408 1322
10.25 8803 4626 3238 2548 2137 1865 1673 1531 1421 1335
10.50 8815 4638 3250 2560 2149 1878 1686 1544 1435 1349
10.75 8827 4649 3262 2572 2162 1891 1699 1557 1449 1363
11.00 8838 4661 3274 2585 2174 1903 1712 1571 1463 1378
11.25 8850 4672 3286 2597 2187 1916 1725 1584 1476 1398
11.50 8862 4684 3298 2609 2199 1929 1739 1598 1490 1406
11.75 8873 4696 3310 2621 2212 1942 1752 1612 1504 1420
12.00 8885 4707 3321 2633 2224 1955 1765 1625 1518 1435
12.25 8897 4719 3333 2646 2237 1968 1779 1639 1533 1449
12.50 8908 4731 3345 2658 2250 1981 1792 1653 1547 1464
12.75 8920 4742 3357 2670 2263 1994 1806 1667 1561 1478
13.00 8932 4754 3369 2683 2275 2007 1819 1681 1575 1493
13.25 8943 4766 3381 2695 2288 2021 1833 1695 1590 1508
13.50 8955 4778 3394 2708 2301 2034 1846 1709 1604 1523
13.75 8967 4789 3406 2720 2314 2047 1860 1723 1619 1538
14.00 8979 4801 3418 2733 2327 2061 1874 1737 1633 1553
14.25 8990 4813 3430 2745 2340 2074 1888 1751 1648 1568
14.50 9002 4825 3442 2758 2353 2087 1902 1766 1663 1583

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 THE ROHTAK COOPERATIVE BANK LTD; ROHTAK

Application Form for Car Loan

Branch Office: _____________________________ Date of Application:_______________

Part – I Applicant/Co- Applicant information

Amount of loan Rs. _____________________ (Rupees _________________________________only)

1. Applicant‟s/Co- Last: First : Middle:
Applicant‟s Name Recent Self Attested
2. Father‟s/ Husband‟s Photograph of the
Name applicant

3. i)Address
a)Residence Present*:
City/location __________________________________________
District _______________________________________________
Pin Code __________________ Country_____________________

b)Office ____________________________________________________
City/Location __________________________________________
District _____________________________________________
Pin Code _________________ Country ___________________

c)Residence Permanent
City/Location __________________________________________
District ______________________________________________
Pin Code _________________ Country ___________________

d)E-mail ID
e)Mobile No.
4. Telephone No. (with
STD Code)
a) Residence:
b) Office:
c)Mobile No.
5. Income Tax Pan No.*
(i) Voter ID No.* Any
(ii) Passport No.* one of
(iii) Driving Licence these
(iv)Aadhaar No.
6. Individual Type ❏ Salaried ❏ Businessman
7. a) Age (yrs)

9
 b) Dateof Birth
(dd/mm/yyyy)*:
c) Gender (male/female)
d) Marital Status ❏ Single ❏ Married
e) Number of
dependents in the
household
f) Earning Member, if
any, in family excluding
applicant
g) Banking with us ❏Yes ❏No
If yes, a/c no. ______________________ Branch_____________

8. Qualification/Education ❏Matriculation ❏Intermediate ❏Graduation ❏PG ❏Ph.D.

9. Whether relative of ❏Yes ❏No
Staff / Director of bank
10. Residence Ownership ❏Owned (self/spouse) ❏Owned (Parents) ❏Other
11. Years at current
residence*
12. Collateral security ❏Yes ❏No
provided?
13. Type of collateral ❏Property ❏NSC/LIC Policy ❏Other
14. Value of collateral (Rs.) Rs. Rs. Rs.
15. Type of borrower Salaried Businessman

For salaried For businessman

Name of the employer _________________________
________________________ __________________________

Length of Service /
duration of current __________________________ _________________________
business
*Date of Retirement
*Designation

Annual Income (Rs.) Gross Net

d) Annual deductions
(statutory savings, IT etc
in Rs.)*
16. Other loans taken ❏ Yes ❏ No
(including previous
loans from Harcobank Present o/s Rs.______________________________________

* Delete if not applicable

10
17. Spouse Information
a) Name of the spouse: ________________________office Tel No. : _______________
b)occupation/ Profession: ____________________________________________________
c) Annual Income*: Gross____________________ Net: ____________________
d) Is she/he furnishing ❏Yes ❏No
guarantee?
e) Income Tax PAN no. __________________________________________________
(if any)
18. Details of Car Loan requested from Harcobank
a) Vehicle to be purchased Type :__________ Make:________ Model:_________
b) Total Cost of the Vehicle: Rs.__________________________________________
c)Margin/Applicant‟s Contribution Rs.__________________________________________
d) Loan amount Rs._________________________________________
e) Name & Address of the dealer ____________________________________________
to whom the payment is to be _____________________________________________
made
19. Repayment Period (yrs)
20. Monthly installment a) Amount (Rs.)
b) Mode ❏ Advance Cheques ❏ Standing instructions
21. Guarantor : Whether available ? ❏Yes ❏No
22. Name of the applicant borrower in whose
name vehicle to
be got registered (Applicable only in case of
joint borrowers)
I/We request for sanction of loan of Rs. _____________for purchase of ________________
(name of vehicle) on the basis of information given above.
It is declared that:
The information given in the loan application is true and nothing has been concealed. The
undersigned undertakes to inform the Bank any change in my residence / office address and to
provide any further information that the Bank may require. The undersigned has been
informed of the charges / fee to be levied by the Bank and agrees to pay upfront fee,
documentation charges, etc. as applicable and charged by the bank. The undersigned hereby
agree to be bound by these terms and conditions or by the revised additional terms and
conditions which may at any time hereafter be made while the loan obtained by me/us is still
outstanding.
I/We have read and have been advised the terms and conditions relating the scheme for
financing____________________________________(name of the vehicle) and I/We hereby
agree to be bound by these rules or by the revised additional terms and conditions which may
at any time hereafter be made while the loan obtained by me/us is still outstanding.

11
 In case the loan is sanctioned I/We authorize The Rohtak Coop. Bank Ltd;,
BO: ___________________________________ to remit the total cost of vehicle to M/s
________________________________________________. I/We have deposited/agreed to
Deposit with the bank the difference between the total cost of vehicle and the amount of loan
sanctioned and also agree to comply with all other prescribed formalities and also agree to pay
processing charges as applicable and charged by the bank.

Yours faithfully,

Signature and name(s) of applicant(s)

Note: All columns of the form should be properly filled up and supporting documents duly
signed by applicant wherever required should be attached, particularly those marked with a *. If
there is a co-applicant, he/she should fill up another form. If there is guarantor, he/she should
also fill up the guarantor information (Part II)

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 THE ROHTAK COOPERATIVE BANK LTD; ROHTAK

PART-II Guarantor‟s Information

1. Name
2. Father‟s/ Husband‟s Recent Photograph
Name
3. i)Address
a)Residence Present*: _____________________________
_____________________________
City/Location __________________
District _____________________
Pin Code _______ Country _______
b)Office _____________________________________________________
City/Location _________________________________________
District ______________________________________________
Pin Code _____________________ Country ________________

c)Permanent address _____________________________________________________

City/Location _________________________________________
District ______________________________________________
Pin Code _____________________ Country ________________
d)E-mail ID
e)Mobile No.
4. Telephone No. (with STD Code)
a) Residence:
b) Office:
5. Age (years)
6. Date of birth
7. Gender (Male/Female)
8. Qualification
9. Is he/she is an Income-
tax payer?
10. Income Tax PAN no.* Any
11. Voter ID No*. one of
12. Passport No.* 10,11
or 12
13. Driving Licence No.*
14. Type of guarantor ❏ Self Employed ❏Salaried ❏ Professional ❏ Others
15. (a)If Self His/her firm is ❏Proprietorship ❏Partnership ❏Pvt. Ltd.
Employed / Professional Co. ❏ Others
Years in Business
Total Income in Last Last year Year before last
2 yrs

13
 (b) If Salaried He/she works for
Designation
Name & Address of the Employer ________________________
_____________________________________________________
_____________________________________________________

Salary a/c with Yes No, If yes, 16 Digit account no. and if no details of
RccbRohtakban
k Salary Account with Bank, Branch and Account No
_____________________________________________________
Total Annual Income Last Year: Year before last:
(Rs.)
a) Salaried
b) Businessman

(Enclose photocopies of documentary evidence in support of the above)

17. Having fully apprised myself of the particulars submitted in loan application dated
________________for ______________________________ (mention purpose ) loan of Rs..
___________________tobeconsideredbytheBanktoShri/Smt./Miss
______________________________________________________________________________
__________________________________________________________________________Son/
wife/Daughter of Shri________________________________________________________
_____________________________________________________________________________
I have agreed to furnish my guarantee for repayment of the loan. I hereby declare that I know the
above mentioned applicant (s) very well for the last _________ no. of years. The information
furnished by me is true and correct to the best of my knowledge & belief.

Date:
(Signature and name of Guarantor)
Place:

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 THE ROHTAK COOPERATIVE BANK LTD; ROHTAK

FOR OFFICE USE ONLY: BO _______________.

Credit Information Report : No._______________ Score __________________

Borrower ___________________________
Guarantor : _________________________
Any Adverse report, if so :
detail thereof :

Whether KYC norms in respect of all :

Applicants/co a applicants/guarantors
Have been complied with :

Comments/recommendations of Appraising Officer

(Mention the date of visit at Borrower(s) residence/work place)

Recommended for sanction of a Car/Vehicle Loan of Rs.______________ favouring Sh./ Smt./

Km.______________________________________________________for purchase of
______________________ (Name of the Vehicle) from
____________________________________(Name of the Supplier) subject to terms &
conditions mentioned above. The loan is proposed to be guaranteed by
Sh./Smt./Km.______________________________________________________________/
collaterally secured by _______________________________________________. The loan shall
be repayable in _____Equated Monthly Installments (EMIs) of Rs._____________ commencing
w.e.f. ______________. The applicable rate of interest @______________, processing fee
Rs.__________________________ which be communicated through a Sanction Letter and
acknowledgement may be obtained and kept on record.

(Signature and name of Appraising Officer)

Jr. Acctt. Acctt.

Orders of the Sanctioning Authority

Branch Manager
(Signature and name of sanctioning authority)
Branch Manager

Place:___________________

Date:____________________

15
 THE ROHTAK COOPERATIVE BANK LTD; ROHTAK

BO: __________________________ Date: ____________

To,
________________________
________________________
Respected Sir/ Madam,
YOUR APPLICATION FOR PERSONAL CAR LOAN – SANCTION LETTER

We are pleased to inform that we have sanctioned a car Loan of Rs._________________ in your
favour for _______________________________________________________purchase of new Car
___________________________________ on the undernoted terms & conditions:-

SANCTION TERMS
Sanctioned Amount
Rate of Interest
Type of Interest Fixed
Margin 10%
Repayment Tenor
Number of EMIs
Repayment to be commenced from
Amount of EMI
Processing fee Rs. Documentation fee

Credit Information Report Charges

Security Guarantor(s)
Primary
Collateral
Prepayment Penalty NIL
Penal Interest, if any After 15 days of default 3% p.a. on default amount over and above the
normal rate of interest
Late Payment Charges Rs. 250/- (Plus taxes if any) After 15 days of default
Cheque Bounce Charges Rs.250/- (Plus taxes if any) Per cheque.
*Vehicle purchased to be hypothecated to the bank and copy of RC be submitted within three months after that Rs.
2500/- p.m. will be charged as penalty plus taxes if any.
2. The above sanction is, however, subject to:
i) Execution of Loan documents as per Banks format & guidelines;
ii) The above sanction shall be valid for a period of one month from the date of issue of the sanction
letter.
iii) That any third party liability coming on the Bank due to wrong information/ declaration given by
borrower, will be his/her responsibility.

For The Rohtak Coop. Bank Ltd; Rohtak

Authorized Signatory

16
 (to be stamped as an agreement
Not to be attested)

THE HARYANA STATE COOPERATIVE APEX BANK LTD; CHANDIGARH

LETTER OF HYPOTHECATION
(FOR CAR LOAN)
Place---------------
Date----------------
The Manager,
The Haryana State Coop. Apex Bank Ltd;
B.O. ___________________

Respected Sir,
In consideration of the Bank allowing/ agreeing to allow an advance by way of term loan of
Rs._______________ (`____________________________________________________) (the
“Loan”) for purchase of _________________________________________________(mention
the name and description of the vehicle, its make and registration etc.),
I/We__________________________________________________________________ (name/s)
son/ daughter/ wife of Shri _________________________________________________resident
of_________________________________________________________________________,
hereinafter referred to as the “Borrower” which shall, unless the context otherwise requires,
include his successors and assigns), hypothecate to the Bank the vehicle ( the “Hypothecated
Vehicle”) as security for the payment of the Loan along with interest, cost and other charges.
(The term Borrower, in case there is more than one borrower, shall include each one of them in
which case their liability shall be JOINT
& SEVERAL). The Borrower hereby agrees as under:-

1. The Bank is authorized to disburse the Loan direct to the vendor, whose bonafides have
been verified by the Borrower, together with the contribution/margin money which has
already been deposited with the Bank and the Bank will not be liable for any misdeed,
wrongdoing or deficiency in service and/or in the vehicle on the part of the vendor.
2. The Hypothecated Vehicle shall be used for personal use and will not be sold, given on
lease or on hire or otherwise parted with the possession or encumbered in any way till the
repayment of the Loan.
3. (i) The Borrower agrees that the amount of the Loan together with interest will be paid by
him regularly in ________ number of Equated Monthly Installments (the "EMI") of
`____________ (`_______________________________) comprising of principal and
interest and the first EMI shall become due for payment commencing
___________________________.

4. *(i) The Borrower irrevocably authorizes the Bank to recover the amount of EMI and other
charges from his SF/CA /OD accounts no._____________ maintained at the Bank‟s BO:
_________________ until the Loan is fully repaid and adjusted. The Borrower further
undertakes to keep sufficient balance in his said account for recovery of the EMI by the Bank.

17
*(ii) The Borrower agrees to authorize his employer to remit his salary to the Bank‟s
BO_____________ for crediting to his above account.
*(iii) The Borrower hereby deposits post-dated cheques to facilitate the due payment of the EMIs
of the Loan as per the Schedule hereunder.
*(iv) The Borrower is willing to make the payment of EMIs of the Loan, through participation in
Electronic Clearing Service (ECS) of National Clearing Cell of RBI and authorizes the Bank to
raise the debits against the EMIs from his SF/CA/OD account No.__________ maintained at
BO:_________________________ of ____________Bank (Give name and address of the Bank)
through ECS for repayment of the Loan and understands that in the event of the Bank not
realizing payment from
ECS for any reason whatsoever, the Borrower shall pay the EMI to the Bank by cash or cheque
along with the interest for the delayed period.

The Borrower has given the necessary mandate/will comply with the procedural requirements for
participation in ECS and also bear any service charges/fees as prescribed by Bank/RBI from time
to time. To facilitate collection of the EMIs in the event of non-receipt of the EMIs by ECS, the
Borrower has provided the Bank with ______number of undated cheques for the amount of the
EMIs. The Borrower authorizes the Bank to fill up the dates as and when required, but without
being bound, to collect the cheques to meet defaults in payment of the EMIs.

*Delete, if not applicable.

5. The Borrower agrees that in case the Loan is pre-paid by availing loan from other bank/FI, he
will bear and pay the prepayment charges at ___% of the outstanding amount of the Loan pre-
paid.
6. Notwithstanding the above, in case the Borrower fails to pay any three EMIs (not necessarily
consecutive) or in the case of contravention of any of the terms and conditions herein or in case
the Hypothecated Vehicle is lost or destroyed or otherwise becomes unavailable or untraceable
as a result of theft or otherwise for any reason whatsoever, it shall be lawful for the Bank to
recall by a demand in writing the entire outstanding amount in the Loan account and the
Borrower shall pay the same
notwithstanding the period of EMIs fixed as aforesaid.

7. INTEREST OF RATE OPTIONS - FIX

7.1 The interest shall be calculated on daily balance basis due to the Bank and shall be charged
monthly so long as the amount due is not repaid in its entirety and shall form part of the principal
and carry interest at the Applicable Interest Rate.

8. Notwithstanding the above, if the Bank, on the request of the Borrower, in its discretion
decides to make available to the Borrower the option of application of lower rate of interest, as
applicable to fresh Loans under the Scheme, it is open to the Bank tocharge and levy a
Switchover Fee at the rate prescribed by the Bank.

9. The Borrower agrees to pay penal interest at 3% p.a. with agreed rests in case of default in:

18
a) Payment of interest and/or any installment on the due dates,
a.i
After 15 days of default 3% p.a. on default amount over and
above the normal rate of interest.
a.ii LATE PAYMENT CHARGES :-

Late payment charges Rs. 250/- plus taxes after 15 days of

default
Cheque bounce charges Rs. 250/- plus taxes per cheque.
a.iii Copy of RC should be submitted by the borrower within three months
after that Rs. 2500/- p.m. will be charged as penalty plus taxes if any.

b) Furnishing information as prescribed/called for by the Bank; or

c) Non-compliance of any other terms & conditions
d) Besides this, the Bank shall have the option to recall the entire outstanding and the
Borrower undertakes to pay the amount outstanding upon demand by the Bank.

10. The Borrower also agrees that in case the amount outstanding in the Loan account is not paid
by him after demand in writing by the Bank, it shall be lawful for the Bank and its officers to call
on him and take possession of the Hypothecated Vehicle.

In case of default on his part to deliver possession, it shall be lawful for the Bank and its
officers to take possession of the Hypothecated Vehicle from him and sell the same by private
contract or otherwise as pledge / hypothecate / mortgagee for adjustment of the Loan account at
his risk and responsibility, and get the same transferred in the name of the purchaser by signing
the necessary documents without reference to the Borrower and he undertakes to pay the amount
of shortfall, if any.

11. The Borrower undertakes to keep the Hypothecated Vehicle insured for its full value by
taking comprehensive policy in the joint names of the Bank and the Borrower with agreed Bank
clause with any Insurance Company approved by the Bank. The Borrower shall produce the
relevant policy or policies of insurance along with receipt of premium paid to the insurance
company from time to time for its inspection regularly. In case the Borrower fails to keep the
Hypothecated Vehicle insured and to produce such policy or policies and receipts to the Bank,
the Bank shall be at liberty, but not bound, to effect such insurance and pay such premium at the
Borrower‟s expense by debiting to the Loan account and the amount of premium shall form part
of the Borrower‟s indebtedness to the Bank under the Loan and be secured fully by the
hypothecation hereby created.

12. The Borrower further declares and agrees: -

a) that upon any money becoming payable under the policy, the Bank shall be entitled to receive
the same.
b) that the receipt of the Bank shall be a complete and good discharge of the insurance company;

19
c) that any adjustment, settlement, compromise or reference to arbitration in connection with any
dispute between the company and the insured or any of them arising under or in connection with
the insurance policy if made by the Bank shall be valid and binding on all parties, but not so as to
impair the right of the Bank to recover the full amount of any claim it may have on other parties
and
d) that any sum received under such insurance shall be applied in or towards liquidation of the
amount due to the Bank on account of the Loan, interest and other charges as aforesaid and in the
event of there being a surplus the same shall be refunded to the Borrower, if no other amount is
due from him.
13. The Hypothecated Vehicle will be got registered with the appropriate transport authority in
the joint names of the Bank and the Borrower.
14. The Borrower agrees and hereby gives to the Bank during the currency and for the payment
of the Loan, a general lien and right to set off; and combine accounts without notice; and charge
on all movable property of every description coming into the Bank‟s possession on account of
the Borrower for the time being held by the Bank on behalf of the Borrower whether singly or
jointly with others in India or elsewhere including, without prejudice to the generality, any
monies, bullion, deposits, deposit receipts, promissory notes, bill of exchange, cheques, railway
receipts, Govt. bills and other documents/securities of every description.
15. That any demand herein may be made on the Borrower by an officer of the Bank or any
notice in writing under the hands of any such officer either served personally on the Borrower or
left at or sent by post to him at his address registered/available with the Bank.
16. The Borrower hereby consents that in case he commits default in repayment of the Loan, the
Bank/RBI can disclose his name in such manner and through such medium, as they deem fit. The
Borrower further consents for disclosure of his name by the Bank to any credit information
company, as deemed fit.

SCHEDULE
DATE OF CHEQUES* AMOUNT
1.
2.
3.
4.
5.
Yours faithfully,

Signature-------------------------------

Name-----------------------------------

* Note: Advance cheques may be obtained under the Scheme. The number, amount and dates of
such cheques should be synchronizing with the number, amount and due dates of term Loan
installments. Such cheques should be drawn favouring „The Haryana State Coop. Apex Bank
Ltd; Chandigarh” and on the reverse of the cheques, „payment of installment in term Loan
account No. ____ „can be written.

20
IRREVOCABLE LETTER (IN DUPLICATE)OF AUTHORITY FROM BORROWER
AUTHORISING THE EMLPOYER TO REMIT SALARY/INSTALMENT AND OTHER
AMOUNT PAYABLE TO THE BANK CUM LETTER OF ACKNOWLDGEMENT FROM
EMPLOYER
---------------------------------------------------------------------------------------------------------------------
To
------------------------------------
------------------------------------
------------------------------------
REG: __________________ LOAN OF ___________________________________________
(`__________________________________________________) A/C No.__________________
SANCTIONED TO ME BY The Rohtak Coop. Bank Ltd; Rohtak.
B.O.____________________________

Respected Sir,
The above loan has been sanctioned to me by The Rohtak Coop. Bank Ltd; Rohtak. *I hereby
authorise you to remit my salary every month to The Rohtak Coop. Bank Ltd; Rohtak
BO:______________________ for crediting my account No.
_________________________________________.
*I hereby authorise you to pay a sum of `_________(`._____________________
_____________only) every month from my salary to The Rohtak Coop. Bank Ltd;
Rohtak BO:__________________for credit to my aforesaid loan account No.
__________with them.

I hereby authorise you to remit the amount payable to me by way terminal benefits and gratuity,
by reason of my retirement, resignation or discontinuing in the service for any reason, to The
Rohtak Coop. Bank Ltd; Rohtak, BO:________________________ for
crediting to my aforesaid loan account No. _________ with them.

This authority is irrevocable until the loan amount mentioned above with interest is paid in full
and written consent of the Bank is obtained.
Yours faithfully,
PLACE: ____________
ADDRESS: ____________
_____________________ SIGNATURE_________________________
DATED: ____________ NAME OF EMPLOYEE__________________

* DELETE WHICHEVER IS NOT APPLICABLE

We have received the above letter of authority of Sh._____________________ and noted for
compliance.
_____________________
(EMPLOYER)
Signature & stamp of the officer authorised to disburse salary and
allowance PLACE :_________________
DATED:_________________

21
IRREVOCABLE LETTER OF AUTHORITY FROM BORROWER AUTHORISING THE
EMLPOYER TO REMIT SALARY/INSTALMENT AND OTHER AMOUNT PAYABLE TO
THE BANK CUM LETTER OF ACKNOWLDGEMENT FROM EMPLOYER
---------------------------------------------------------------------------------------------------------------------
To
------------------------------------
------------------------------------
------------------------------------
REG: __________________ LOAN OF ___________________________________________
(`__________________________________________________) A/C No.__________________
SANCTIONED TO ME BY The Rohtak Coop. Bank Ltd; Rohtak.
B.O.____________________________

Respected Sir,
The above loan has been sanctioned to me by The Rohtak Coop. Bank Ltd; Rohtak. *I hereby
authorise you to remit my salary every month to The Rohtak Coop. Bank Ltd; Rohtak
BO:______________________ for crediting my account No.
_________________________________________.
*I hereby authorise you to pay a sum of `_________(`._____________________
_____________only) every month from my salary to The Rohtak Coop. Bank Ltd;
Rohtak BO:__________________for credit to my aforesaid loan account No.
__________with them.

I hereby authorise you to remit the amount payable to me by way terminal benefits and gratuity,
by reason of my retirement, resignation or discontinuing in the service for any reason, to The
Rohtak Coop. Bank Ltd; Rohtak, BO:________________________ for
crediting to my aforesaid loan account No. _________ with them.

This authority is irrevocable until the loan amount mentioned above with interest is paid in full
and written consent of the Bank is obtained.
Yours faithfully,
PLACE: ____________
ADDRESS: ____________
_____________________ SIGNATURE_________________________
DATED: ____________ NAME OF EMPLOYEE__________________

* DELETE WHICHEVER IS NOT APPLICABLE

We have received the above letter of authority of Sh._____________________ and noted for
compliance.
_____________________
(EMPLOYER)
Signature & stamp of the officer authorised to disburse salary and
allowance PLACE :_________________
DATED:_________________

22
 (to be stamped as an agreement
Not to be attested)

THE ROHTAK COOPERATIVE BANK LTD; ROHTAK

AGREEMENT OF GUARANTEE

This agreement of Guarantee is made at ______________________ (Place)

this _______________ day of ____ 20______ between ______________
(hereinafter called the Guarantor(s)‟ which term shall, wherever the context
so permits mean and include his/her/their (heirs, successors, administrators,
executors and assigns) of the first part and The Rohtak Coop. Bank, B/o
________ Rohtak, having its head office being its
Head Office, Delhi Road, Rohtak (hereinafter called the Bank which term
shall wherever the context so permits mean and include its successors and
assigns) of the second part.

Whereas at the request of Guarantor(s) the Bank has agreed to allow/

continue enhance an accommodation by way of ________________
_____________________________________________________________
to Sh./Smt,/Messrs _________________________________________
(hereafter called the Borrower(s)* on the terms & conditions contained.
__________________________________________ AND whereas the
Guarantor(s) has/have agreed to guarantee due payment of the amount due to
the Bank in respect of the said limits of Rs._____________________

NOW THIS INDENTURE WITNESSETH AS UNDER:

That in consideration of the Bank allowing/continuing/enhancing at the

request of the Guarantor(s) an accommodation by way of
_________________ to the Borrower(s) at its _____________________
Branch on terms and conditions contained in _________________________
_______________ the Guarantor(s) hereby agree(s) with the Bank as under:-

23
2. The Guarantor(s) hereby guarantee(s) jointly and severally to pay the bank
after demand in writing all principal, interest, costs, charges and expenses
due and which may at any time become due to the Bank from the
Borrower(s), on the accounts opened in respect of the said limits (hereafter
called the said accounts‟) down to the date of payment and also all loss or
damages, costs, charges the expenses and in the case of legal costs, as
between attorney and client occasioned to the bank by reason of omission,
failure or default temporary or otherwise in such payment by the
Borrower(s) or by the Guarantor(s) of any of them including costs (as
aforesaid) of enforcement or attempted enforcement of payment by suit or
otherwise or by sale or realization or attempted of sale or realization of any
security for the said indebtedness or otherwise howsoever or any costs
(which costs to be as aforesaid) charges or expenses which the Bank may
incur by being joined in any proceeding to which the Bank may be made or
may make itself party either with or without others in connection with any
such securities or any proceeds thereof.
3. The Guarantee(s) hereby declare(s) that this guarantee shall be a continuing
guarantee and remain operative in respect of each of the said limits
severally and may be enforced as such in the discretion of the Bank, as if
each of the facilities/limits had been separately guaranteed by him/her/
them. This guarantee shall not be considered as cancelled or in any way
affected by the fact that at any time or from time any of the said accounts
may show on liability against the Borrower(s) or may even show credit in
his/her/their favour but shall continue and remain in operation in respect of
all subsequent transactions till the accounts are closed.
4. The Guarantor(s) hereby consent(s) to the bank making any variance
without reference or notice to him/her/them, that it may think fit in the
terms of contract, including any change in rate of interest charged to the
account, with the Borrower(s). The Guarantor(s) further consent(s) to the
Bank accepting additional collateral security of any kind, determining
enlarging or varying any credit to him/her/them or making any composition
with him/her/them or promising to give him/her/them time are not sue
him/her/them and to the Bank parting with any security it may hold for the
guaranteed debt. The Guarantor(s) also agree(s) that he/she/they shall not
be discharged from his/her/their liability by the bank releasing the
Borrower(s) or by any action or omission of the Bank, the legal
consequences of which may be to discharge the Borrower(s) or by any act
of the Bank which would, but for this present provision be inconsistent with
his/her/their rights as guarantor(s) or by the Bank‟s omission to do any
24
 act which, but for this present provision, the Bank‟s duty to the
Guarantor(s) would have required the Bank to do. Though as between the
borrower(s) and the guarantor(s) he/ is she /they are guarantor(s) only, the
guarantor(s) agree(s) that as between the Bank and guarantor(s) he/she/they
are debtor(s) jointly with the borrower(s) and accordingly he/she/they shall
not as such be entitled to claim the benefit of legal consequences of any
variation in the terms of the contract and to any of the rights conferred on a
Guarantor by Sections 133,134,135, 139 and 141 of the Indian Contract
Act. The Guarantor(s) further agree(s) that the acceptance by the Bank of
any irregular payments or any amount short of the amount of agreed
installment/s, whether made before or on due dates or thereafter by the
Borrower(s), shall not discharge the Guarantor(s) from his/her/their liability
and such acceptance will not amount to or create any new or fresh contract.
The Guarantor(s) further agree(s) that the Bank shall be under no obligation
to notify him/her/them, any default committed by Borrower(s) at any time
or from time to time.
5. The Guarantor(s) hereby consent(s) to the Bank renewing from time to
time the said ______________ limits of Rs._______________ allowed to
the Borrower(s) obtaining fresh documents from him/her/them closing the
existing accounts, opening new accounts, or transferring the same or part
thereof to any branch of the Bank. Notwithstanding this, the Guarantor(s)
agree(s) and declare(s) that he/she/they shall remain liable to the bank for
any indebtedness of the Borrower(s) under the renewed limit and terms and
conditions of this deed shall apply and govern their liability under the
renewed limit.
6. The Guarantor(s) further declare (s) that all dividends, compositions or
payment received by the bank from Guarantor(s) or any other persons
liable to him/her/them or his/her/ their representative shall be taken and
applied as payment in gross and the Guarantor(s) and his/her/their
representatives shall have no right to claim the benefit of any such
dividends, compositions or payment until full amount of all claims of the
Bank against the Borrower(s) and his/her/their representatives which are
covered by this guarantees shall have been paid.
7. No advance, overdraft or other credit facilities that the Bank may give to
the Borrower(s) beyond the limit mentioned in para No.1 above or
obtaining of any other guarantee or security from the Borrower(s) shall
determine, prejudice or lessen the liability of the Guarantor(s) hereunder.

25
8. The Guarantor(s) further agree(s) that any accounts settled between the
Bank and the Borrower(s) or the balance admitted or confirmed by
him/her/them or his/her/their authorized agents as due on the said accounts
to the Bank will be conclusive and shall not be disputed or questioned by
the Guarantor(s).

9. The Guarantor(s) authorize(s) and appoint(s) each of the borrowers or any

person duly authorized by them as agent to confirm the balance due and
acknowledge liability on his/her/their behalf as Guarantor(s) from time to
time. The Guarantor(s) further agree(s) that any acknowledgement of
liability made by Borrower(s) or any person duly authorized by him/her/
them to operate account or any of the co-guarantors as agent on behalf of the
Guarantor(s) shall be binding on them for giving fresh start of limitation and
also for admission of liability against him/her/them.

10. In case the Bank sells the hypothecated, pledged or mortgaged security/ies
held in the loan account, the Guarantor(s) agree(s) that the Bank may sell
said securities without giving any notice of such sale of the Guarantor(s).
The Guarantor(s), agree(s) that he/she/they will not question the sale or the
sale price in any manner or on any ground whatsoever.

11. In case the amount guarantee by the Guarantor(s) is paid by the Borrower(s)
to the Bank and the Bank in consequence discharges the Guarantor(s) from
all liabilities under this guarantee, but it is subsequently determined by a
Court of Law or otherwise that the said payment was a fraudulent
preference and the Bank is made to refund the said amount, the
Guarantor(s) liability to the Bank on the basis of this guarantee shall revive
to the same extent and in the same manner as if such payment had never
been made.

12. The Guarantor(s) also agree(s) that the Bank may enforce the guarantee
without enforcing, selling or realizing any of the securities kept under lien,
hypothecated, pledged or mortgaged with it, notwithstanding that any bills
or other instruments given by the Borrower(s) in the said account may be in
circulation for collection and outstanding.
13. The guarantee hereby given shall not be determinable or taken as satisfied
by the Guarantor(s) except on the terms of his/their making full payment
upto the limit of his/their guarantee for any then outstanding liabilities or

26
 obligations on the said account. The guarantee shall not be affected by his/their
death or insanity until the Bank shall have received formal authentic notice in
writing thereof.
14. If the Guarantor(s) has/have or shall hereafter take any security from the
Borrower(s) in respect of his/their liability under this guarantee, the
Guarantor(s) will not prove in the liquidation of the Borrower(s) in respect
thereof to the prejudice of the Bank and such security shall stand as security
and shall be forthwith deposited with the Bank.
15. So long as any money remains owing under this guarantee, the bank shall
have lien on all moneys standing to the credit of guarantor(s) and on any
securities or goods in the hands of the bank belonging to any of the
Guarantor(s) and the Bank shall be entitle to appropriate/set off/realize to
same.

16. The absence of infirmity in the borrowing powers on the part of the
Borrower(s) or any irregularity whatsoever in the exercise thereof shall not
affect the liability of the Guarantor(s) and any moneys advanced to the
Borrower(s) shall be deemed to be due and owing notwithstanding such
absence, infirmity or irregularity and this guarantee shall not be affected by
any changed in the name or constitution of the Borrower(s). It is further
expressly agreed that this guarantee shall remain enforceable against the
Guarantor(s) irrespective of the fact whether the contract between the
Borrower(s) and his/their creditor is enforceable at law or now. It is also
expressly agreed that in case the guarantee given by the Guarantors cannot
be enforced or becomes unenforceable at law for any reason whatsoever,
the guarantee given hereunder be enforced as an indemnity against the
Guarantor(s) and he/they agree(s) and undertake(s) indemnify and
reimburse the Bank for any loss, damages, costs and other charges which
the Bank may have to recover the realize from the Borrower(s) in his/their
accounts with it.
17. Any notice by the Bank in writing under this guarantee or a demand in
writing shall be deemed to have been duly given to the Guarantor(s) be
sending the same by post addressed to him/them at the address hereunder
written and shall be effectual notwithstanding any chance of residence or
death and notwithstanding the notice therefore to the Bank and such demand
shall be deemed to have been received by the Guarantor(s) 24 hours after the
posting thereof and shall be sufficient to prove that the letter containing the
demand was properly addressed and posted.

27
18. The Guarantor(s) agree(s) that a copy of account of the principal debtor(s)
contained in the Bank books of account signed by the Manager for the time
being of the office at which such accounts shall be kept or any officer of the
Bank shall be conclusive evidence against him/them of the account for the
time being due to the Bank from the principal debtor(s) in any accounts or
other proceedings brought against him/her/their upon this guarantee.

19. The Guarantor(s) hereby agree(s) as a pre-condition of the loan/advance

given to the borrower/s by the Bank that in case the borrower/s commit
default in the repayment of loan advance or in the repayment of interest
thereon or any of the agreed installments of the loan on due date(s) the Bank
and / or the Reserve Bank of India will have an unqualified right to disclose
the guarantor/s names or the names of his / her/ their
company/firm/firm/unit and its respective Directors/partners/ Proprietors as
defaulter/s in such manner and through such medium as the Bank or the
Reserve Bank of India in their absolute discretion may think fit.

20. The Guarantor(s) understand(s) that as a pre-condition, relating to grant of

the loans/ advances/credit facilities to the borrower/s, the creditor bank
requires Guarantor(s) consent/s for the disclosure by the Bank of
information and data relating to Guarantor(s) of the credit facility availed
of/to be availed, by the Borrower/s, obligations assumed/to be assumed, by
the Guarantor(s), in relation thereto and default, if any, committed by the
Guarantor(s), in discharge thereof.

Accordingly, The Guarantor(s) hereby agree(s) and give consent for the
disclosure by the bank of all or any such;

a) Information and data relating to Guarantor(s);

b) The information or data relating to guarantee to secure any credit facility

availed of/to be availed, by borrower/s and

c) Default, if any, committed by Guarantor(s), in discharge of his/her/their such

obligation, as the Bank may deem appropriate and necessary, to disclose and
furnish to Credit Information Bureau (India) Ltd; and any other agency
authorized in this behalf by RBI;
Guarantor(s) declare(s) that the information and data furnished by the
borrower/s to the Bank are true and correct.

28
 Guarantor(s) undertake(s) that:-
(a) The Credit Information Bureau (India) Ltd; and any other agency so
authorized may use, process the said information and data disclosed by the
Bank in the manner as deemed fit by them; and
(b) The Credit Information Bureau (India) Ltd; and any other agency so
authorized may furnish for consideration, the processed information and data
or products thereof prepared by them, to Bank/financial Institutions and
other credit grantors or registered user, as may be specified by the Reserve
Bank in this behalf.
21. That the Guarantor(s) agree(s) not to induct a person, who has been
identified as „willful defaulter‟ as per definition given as per RBI
directions/guidelines, as a director on its Board. If any defaulter, who is a
“willful defaulter” as per definition referred to above, is on the Board of
Guarantor(s) the Guarantor(s) undertake/s to get him/her removed from its
Board. The guarantor(s) agrees(s) to make necessary amendments, if need
be, in its regulations to make above requirement as a ground for removal of
directors and furnish a copy of regulation as amended, to the bank
(applicable in case of Company only)
In witness whereof the Guarantor(s) and the Bank have set their hands
hereunto on ______________ day ____________ 20
Guarantor(s)
1. 2.
Signature _____________________ Signature ________________________
Name ________________________ Name ___________________________
Occupation ___________________ Occupation _______________________
Address _______________________ Address _________________________
WITNESS:
1. ______________________________
2. ________________________________

For and on behalf of the Bank

29