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
