Business Loan Agreement

 

Business Loan Agreement



 

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This Business Loan Agreement is made on _______________(date) between the Lender

___________________ residing at ________________________(name, address) and

Borrower ___________________ residing at ________________________ ( name,

address).

WHEREAS the Lender ____________________________ (Describe Nature of Business)

WHEREAS the Borrower ___________________________ (Describe Nature of Business)

and is in need of an aggregate amount of INR _________________________ (₹ amount) for

(Describe purpose of taking loan i.e. Manufacturing / Office Setup / Equipment / Emergency

Funding etc.)

WHEREAS after consideration, the receipt of is hereby acknowledged and the lender is

willing to lend the loan to the borrower.

NOW THIS AGREEMENT WITNESSES AS UNDER:

  1. Lender agrees to loan to Borrower an amount of __________________ (amount in words)

on a term loan basis which will be for ___________________ (time period) and is for use by

the Borrower to finance the _________________________(purpose).

  1. The agreement will be made for a time period of _________________ (years) , i.e. from (

date) to (date).

3.Lender has received the liens and security interests evidenced by the Security Documents.

4.Borrower shall pay the interest and principal on the Note in accordance with the terms and

will observe, perform, and comply with every covenant, term, and condition required of

Borrower under the note.

5.Borrower will pay all taxes and other governmental charges or levies imposed upon it or

upon its income or profits or upon all property belonging to Borrower before the same shall

become in default.

6.The accounts between the parties shall be settled half yearly to avoid mistakes and

confusions.

The terms of this agreement shall be governed by and construed in accordance with the

laws of (____)

IN WITNESS WHEREOF, this has been executed and delivered as of the date first written

above.

 

NOW, THEREFORE, in consideration of the above stated points, both the parties

acknowledge this and agree as follows:

_________________________

Signature (Lender)

_________________________

Witness 1

_________________________

Signature (Borrower)

_________________________

Witness 2


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