Loan Agreement With Bank Application
THE _____ BANK _____
LOAN NO. _____
I, Do hereby knowledge to have received from the above named _____ a loan of Rs. _____ (Rupees _____ ).
And agree as follows:-
1. I shall repay this loan in ………………………….installments of Rs. _____
Of which the first shall be repayable on or before _____ with interest then due.
2. The loan shall bear interest at _____ percent per annum or as amended by the _____ Bank Ltd. from time to time.
3. if I fall to pay any installments with interest as provided in clause I hereof I shall be liable to pay at once the whole amount then due together with interest due thereon in terms my DEMAND PROMISSORY NOTE dated _____ if called upon to do so by the _____ BANK LTD.
4. I shall employ the loan for the purpose for the purpose stated in the application dated _____ and shall when called upon furnish satisfactory proof of the loan have been so applied, falling which I shall be liable to pay at once the whole or part of the loan as _____ Bank may decide together with all interest due thereon.
5. I herewith pledge the securities as detailed in the loan application dated _____ as security for the loan which I hereby solemnly declare I have full right to pledge and which the _____ Bank shall have the right of sale in case of default in repayment of the loan as stipulated above.
6. I shall be bounded by the rules and by- laws of the above Sureties Bank which are now in force or hereafter may come into force and the terms thereof shall be deemed to have been incorporated into this agreement.
Dated at _____ the day of _____
We, _____ do hereby stands as sureties and bind over selves to be jointly and severally liable to the above named _____ Bank Ltd. _____ for the due repayment of this loan with interest thereof in according with the above condition and hereunder shall not be terminated effected by the board of Directors of the Said _____ Bank Ltd. giving time or any other indulgence to the within named borrower.
Dated _____ this _____ dated of _____
Signature of Sureties