LOAN AGREEMENT

LOAN AGREEMENT
THIS AGREEMENT is entered at Village & Post Baseri District Dholpur (Rajasthan) this ……….. day of
…………………………………… between R. SEN & CO. INVESTMENT & FINANCE PRIVATE LIMITED a Non-
Banking Finance Company registered with Reserve Bank of India and incorporated under the Companies Act, 1956,
having its Registered Office at 8/1, Lal Bazar Street, 3rd floor, Room No. 5, Kolkata – 700001, and another office at
Jagner Road, Village & Post Baseri, District Dholpur (Rajasthan) (hereinafter called “RSCIF” or Lender“ which
expression shall unless they be repugnant to the meaning or context thereof, mean and include its successors and
assigns) of the ONE PART:
And___________________________________________________ having Residence / Office / Registered

Office/resident of address at
___________________________________________________________________________________________-
_____________________________________________________________________________
(hereinafter referred to as the “Borrower” which expression shall, unless it be repugnant to the meaning or context
thereof, mean and include, where the Borrower is an individual or a proprietorship firm, his/her heirs, executors and
administrators, where the Borrower is an individual or a proprietorship firm, his/her heirs, executors and
administrators, where the Borrower is a partnership firm, the partners or partner for the time being and from time to
time of the said firm, the survivor or survivor of them and the heirs, executors and administrators of the last surviving
partner, their or his assign, where the Borrower is the Karta of a Hindu Undivided Family and the borrowing is for the
purpose of Hindu Undivided Family, the member or members for the time being of the said Hindu Undivided Family
and their respective heirs, executors, administrators and assigns, where the Borrower is a company, its successor
and permitted assigns, where the Borrower is the trustees of a Trust, all the trustees for the time being and from time
to time of the said Trust, their successors and the heirs, executors and administrators of the last surviving trustee and
where the Borrower is a Society, all the directors and members of the Managing
Committee of the Society for the time being and from time to time and their successors and the heirs, executors and
administrators of the last director/member and any new members elected, appointed or co-opted) of the OTHER
PART.
WHEREAS;
a) RSCIF as part of its business activities as NBFC provides loans (a) against the hypothecation of vehicles
and/or finances purchase of vehicles; (b) deposit of securities and /or finances purchase of securities; (c)
mortgage/pledge of any type, kind of property/immovable property (including agricultural land) and/or
purchase of any type or kind of property/immovable property; (d) against the hypothecation, pledge,
mortgage of movable or immovable assets of any kind for the purpose of business or personal needs.
b) As requested by the Borrower, RSCIF is agreed to provide the Borrower loan facility/facilities. The Lender
has requested this Loan Agreement be entered into between the parties, for such loan/financial facilities that
is being provided by the Lender to the Borrower.
c) This Agreement sets out the general terms and conditions (so far as they may be applicable) to
all the Facilities. The special terms and conditions governing each facility shall be as set forth in their
respective schedules to this Agreement that may be executed between the Parties from time to time.
NOW THIS AGREEMENT WITNESSETH IT IS MUTUALLY AGREED BY AND BETWEEN THE PARTIES HERETO
AS UNDER :
ARTICLE – 1
DEFINITIONS AND INTERPRETATION
1.1 Definitions:
The following definitions apply throughout this agreement unless otherwise stated:
a) The term “Agreement” means this Loan Agreement and any amendment made thereto from time to time
(hereinafter referred to as “Loan Agreement”) together with the Schedules executed between the Parties
hereto;
b) The term “Account” means the account established by the borrower with the bank approved by RSCIF for
setting up of the loan account limit.
c) The term “Additional Interest” means interest levied by RSCIF on delay in payment of the EMI
or PEMII or any other amounts due and payable by the borrower to the lender.
d) The term “Borrower” means the person/entity named as such in the Schedule attached hereto and includes
Co-borrower(s).
e) The term “Borrower’s dues” means and includes the outstanding Principal amount of the loan, interest on
the loan, all other interest, all fees, costs, charges, expenses, stamp duty (including registration and filing
charges and taxes of any description whatsoever as may be levied from time to time by the Government or
other authority) and all other sums whatsoever payable by the borrower to RSCIF in accordance with the
Loan terms and transaction Documents, as well as other monies whatsoever stipulated in or payable by the
Borrower/s under the Loan terms.
f) The term “Construction” means and includes modifications or extensions of the property or house,
flat/apartment or building situated/standing on the property.
g) The term “Co-borrower” means the person/entity named as such in this Schedule attached hereto.
h) The term “Default interest” means interest levied by RSCIF from the due date till payment on happening of
any event of default as set out in Article 7 of this agreement.
i) The term “Due date” means the date(s) on which any amounts in respect of the borrower’s dues including
the Principal amounts of the Loan, interest and/or any other monies, fall due as specified in the Application
Form and/or the Loan terms and the other transaction documents.
j) The term “Electronic Clearance System” hereinafter referred to as “ECS” shall be deemed to include
transfer of funds electronically either through a message for transfer of funds sent electronically or through
image of instrument of transfer of funds sent electronically or through an electronic file containing the details
of the funds transfer sent by electronic media or payment through an electronic cheque or where funds are
transferred through various types of plastic cards or such debit clearing service notified by Reserve Bank of
India, participation in which has been consented to in writing by the borrower for facilitating payment of
instrument.
k) The term “Effective date” means the date on which the first disbursement is availed by the Borrower out of
the Loan.
l) The term “Equated Monthly Installment(EMI)” means the amount of monthly payments required to be paid
to the lender to amortise the loan with interest over the tenure of the loan.
m) The term “Application Form” means as the context may permit or require, the credit facility application form
submitted by the Borrower/s to RSCIF for applying for and availing of the loan, together with the preliminary
credit facility application form and all other information, particulars, clarifications and declarations, if any,
furnished by the borrower/s or any other person from time to time in connection with the loan.
n) The term “Fixed Rate of Interest” means the rate of interest applicable on the loan, which is subject to
review by RSCIF from time to time from the date of first disbursement.
o) The term “Floating Rate of Interest” shall mean RSCIF PLR applied by the Lender to the financial
assistance granted by the Lender to the borrower with a spread, if any, as may be decided by the lender
from time to time, pursuant to this agreement.
p) The term “Interest” shall mean the rate of interest chargeable on the loan at the rate specifically mentioned
in Schedule attached hereto.
q) The term “Indebtedness” mean any indebtedness whatsoever of the Borrower/s at any time for or in respect
of monies borrowed, contracted or raised (whether or not for cash consideration) or liabilities contracted by
whatever means (including under guarantees, indemnities credits, deposits, hire-purchase and leasing)
r) The term “Loan” means the amount disbursed by the Lender to the Borrower for the Purpose including but not
limited to Construction, repair, acquisition, modification, etc. of the Property and includes principal amount,
interest, additional interest, Penal interest, PEMII and any other amount due and payable by the Borrower to
the Lender as per the terms and conditions of this Agreement
s) The term “Pre Equated Monthly Installment Interest (PEMII)” means interest at the rate indicated in the
Schedule attached hereto on the disbursed Loan amount from the date/ respective dates of disbursement to
the date of commencement of EMI.
t) The term “Person” shall include individual, partnership firm, company, association of persons, proprietary
concern and co-operative society as mentioned & stipulated as per the relevant provisions of Income Tax
Act, 1961.
u) The term “Property” means residential/ commercial immovable property, described in the Loan Application,
which is owned / jointly owned by the Borrower or sought to be purchased by the Borrower/ or sought to be
financed by RSCIF and shall be deemed to include any immovable property on the security of which the
Lender has agreed to advance the Loan.
Without prejudice to the generality of the above “Property” shall also include: in the case of part of a building,
the entire built-up area (and any additions thereto), the proportionate share in the common areas of the
building and the proportionate undivided share in the land on which the said building is situated or is being
built/ will be built OR
In the case of a flat, the entire built-up area (and any additions thereto), the proportionate share in the
common areas of the building in which such flat is/ will be situated and the proportionate undivided share in
the land on which the said building is situated or is being built/ will be built OR
In the case of an independent structure, the structure and the entire plot of land on which the structure is
situated or is being built/ will be built. In the case of an individual house, the house and entire plot of land on
which the house will be built.
v) The term “Post Dated Cheques (“PDC”)” means the cheques issued by the Borrower in favour of the
Lender for repayment of the Loan along with accrued interest.
w) The term “Purpose” means the purpose for which the Loan is availed by the Borrower more specifically
mentioned in the Schedule attached hereto.
x) The term “Prepayment” means premature repayment of the Loan on payment of prepayment charges as
applicable as per the terms agreed between the parties.
y) The term “RBI” means Reserve Bank of India
z) The term “RSCIF PLR” means the rate of interest fixed by the Lender from time to time as its prime lending
rate, RSCIF can have a right to increase the RSCIF PLR based on its internal factors and the same will be
notified on the RSCIF website.
aa) The term “Repayment” means the repayment of the principal amount of the Loan, interest thereon,
commitment and other charges, premium, fees or other dues payable under this Agreement to the Lender.
bb) The term “Sanction Letter” means the letter issued by the Lender sanctioning the Loan with the relevant
particulars as mentioned in the letter.
cc) The term “Schedule” means and includes the Schedule attached hereto and forming an integral part of the
Agreement.
dd) The term “Standing Instructions” hereinafter referred to as “(SI)” means written instructions given by the
Borrower(s) to RSCIF to debit the account of the Borrower(s) maintained in a bank acceptable / approved by
RSCIF for the amount of the installment, more particularly set out in Schedule attached hereto.
ee) The term “Transaction Documents” includes all writings and other documents executed or entered into or
to be executed or entered into, by the Borrowers or, as the case may be, any other person, in relation to, or
pertaining to the Loan and each such transaction document aas amended from time to time.
ff) Any expression not defined in this Agreement but defined in the General Clauses Act, 1897 shall have the
meaning thereof.
gg) Reference to the masculine gender includes feminine gender and reference to singular includes plural and
vice versa.
ARTICLE – 2
LOAN AMOUNT, DISBURSEMENT, INTEREST, TAXES AND AMORTIZATION
2.1 LOAN :
a) The Lender hereby agrees to make available to the Borrower and the Borrower hereby agrees to avail from the
Lender, the Loan mentioned in Schedule, attached hereto in the manner and on the terms and conditions
mentioned in this Agreement for the Purpose as described by the Borrower in the Loan Application.
b) Once the Application Form submitted by the Borrower is accepted by RSCIF, the Borrower shall not be entitled
to cancel the Loan or to refuse to accept disbursement of the Loan, except with the approval of RSCIF and
payment to RSCIF of such cancellation or foreclosure charges as may be stipulated by RSCIF.
2.2 INTEREST
a) The Borrower shall be charged interest from the date of disbursal of the Loan and as stated in the Schedule
written hereunder.
PROVIDED THAT in the event the Lender reduces or increases the interest rate prior to the disbursement of the
full Loan the applicable rate of interest shall be varied on weighted average basis with reference to the branches
disbursed/ to be disbursed. The Lender shall be entitled to revise the rate of interest at any time and from time to
time as per its policy, market conditions and/or applicable laws and regulations, if any, during the tenor of the
Loan at its sole discretion. Such variation/ revision in respect of the interest rate shall have a prospective effect.
The Lender shall inform the Borrower about the variation in the interest/ interest rate in due course. The
Borrower shall reimburse or pay to the Lender such amount as may have been paid or payable by the Lender to
the Central or State Government on account of any tax levied on interest (and/or other charges) on the Loan by
the Central or State Government. The Borrower shall make the reimbursement or payment as and when called
upon to do so by the Lender. The borrower shall also bear all the tax, toll, duties, levies, cess or any other tax as
may be imposed by the central government, state government, judicial, quasi judicial or any municipal
authorities, which may be chargeable on the Property and if required shall also be liable to reimburse all such
taxes, tolls, duties, levies, cess etc. to the Lender. Without prejudice to the Lender’s rights, Interest as aforesaid
and the other amounts payable by the Borrower shall be charged/ debited to the Borrower’s Loan account on the
respective Due Date thereof and shall be deemed to form part of the outstanding Loan. Such Interest and other
amounts shall, accordingly attract Interest at the same rate as applicable to the Loan in terms of Agreement until
payment thereof. Notwithstanding anything to the contrary, if the Borrower makes any excess payment in a
particular month, the same will not be reduced form the total interest committed/ payable by the Borrower.
2.3 COMPUTATION OF INTEREST

The EMI comprises of principal and Interest calculated on the basis of rate of interest mentioned in Schedule
attach thereto and is rounded off to the next Rupee calculated on monthly rests and any other charges shall be
computed on the basis of a year of three hundred and sixty (360) days. However, in the event of the Borrower
intends to preclose the Loan the interest would be calculated upto the date of actual Prepayment
2.4 PAYMENT OF OTHER EXPENSES

The Borrower undertakes to pay forthwith on demand to the Lender all cost and expenses (including legal costs
between legal counsel and clients) on the full indemnity basis incurred or to be incurred by the Lender for
investigation of title to any Property offered as security and for the preparation, execution, preservation,
performance, enforcement and realization of the outstanding Loan amount, security documents and other
instruments creating and/or evidencing the creation of any security for the Loan as also any other instruments
required inconnection with the Loan.
2.5 DETAILS OF DISBURSEMENT

The Lender shall disburse the Loan in one lumpsum or in suitable installments having regard to the needs of the
Borrower. The decision of the Lender in this regard shall be final, conclusive and binding on the Borrower. The
Borrower shall acknowledge the receipt, in the form required by the Lender, of each amount so disbursed.
2.6 MODE OF DISBURSEMENT

a) Disbursement of the Loan may be made directly to the Borrower or to the builder/ developer and in
case of ready built Property to the vendor thereof and/or in such other manner as may be decided solely
by the Lender.
b) The Lender shall have the right to adjust PEMII or any other dues against undisbursed amount of the
Loan.
c) Disbursement shall be deemed to have been made to the Borrower on the date of the disbursement by
way of cheque or may order in the case may be or on the date of setting up of the Loan account limit.
d) Interest on the Loan will begin to accrue in favour of the Lender as and from the date of disbursement
of the Loan.
e) The disbursal for the acquisition of the Property will be made after the Borrower’s own contribution has
been for the same to the builder/ developer / seller, and such proof is furnished to the Lender by the
Borrower as may be necessary or desired by the Lender. The disbursal towards construction/
improvement of Property shall be made only after the Borrower commences the construction/
improvement work on the Property, and such proof is furnished to the Lender by the Borrower, as may
be necessary or desired by the Lender. The disbursal shall be in stages as per the progress of work as
prescribed in terms of the internal guidelines/policy of the Lender, as applicable from time to time. The
decision of the Lender in this regard shall be final conclusive and binding on the Borrower. The
Borrower shall acknowledge the receipt, in the form required by the Lender, of each amount so
disbursed.
2.7 AMOTIZATION
(a) the Borrower will amortize the loan as stipulated in the Schedule attach thereto, subject to any other
changes in such amortization as communicated letter in writing by the Lender to the Borrower. However,
in the event of delay or advancement, for any reason whatsoever, in the disbursement of Loan, the Due
Date of payment of first EMI shall in such case be the corresponding day of the following months to the
day currently stated in the Schedule attached hereto.
(b) The Borrower shall also pay to the Lender PEMII every month, until commencement of EMI
(c) The Borrower agrees that the repayment of the amount of the Loan together with Interest, additional
interest and all such other sums due and payable by the Borrower to the Lender shall be payable at the
place where the branch of the Lender is situated or such other notified by the Lender to the Borrower by
way PDC and/or SI and/or ECS, details whereof are mentioned in the Schedule attached hereto. The
Borrower agrees that the amount shall be remitted to the Lender on the Due Date of EMI. In the event of
any dishonor of PDC/CI/ECS instruction the Borrower agrees to pay a dishonor charge as mentioned in
Schedule attached hereto in addition to any additional interest that may be levied by the Lender.
In the event of any variation in:

(i) The date of payment of EMIs or
(ii) The amount of interest, principal or EMIs or
(iii) The numbers thereof,
the Borrower agrees and undertakes to forthwith issue fresh PDCs/ECS/SI instructions to the
Lender as may be required by the Lender.
(d) Notwithstanding what is stated in this Agreement above and in the Schedule attached hereto, the Lender
shall have the right at any time or from time to time to review and reschedule the repayment terms of the
Loan or of the outstanding amount thereof in such manner and to such extent as the Lender may in its
sole discretion decide. In such event/s the Borrower shall repay the Loan or the outstanding amount
thereof as per the revised Schedule as may be determined by the Lender in its sole discretion and
communicated to the Borrower by the Lender in writing.
(e) In case if any amount is prepaid by the Borrower, the same shall be adjusted first towards the incidental
charges, additional Interest, EMI outstanding and balance towards the principal amount of the Loan.
(f) The Lender shall have the right to require the Borrower to furnish such information/documents
concerning his employment, trade, business or profession at any time and the Borrower shall furnish
such information/documents immediately.
2.8 DELAY/ DEFAULT IN PAYMENT

a) The Borrower shall pay in full the PEMII, EMI and all other amounts without any demur, protest or default
and without claiming any set-off or counter claim on the respective Due Dates. No notice, reminder or
intimation shall be given to the Borrower regarding his obligation and responsibility to ensure prompt and
regular payment of interest, PEMII, EMI and all other amounts payable by the Borrower to the Lender on
the respective Due Dates.
b) On the happening of any Events of Default as set out in Article 7 of this Agreement such defaulted
amount shall carry Default Interest at the rate of interest as mentioned in the Schedule hereto, computed
from the respective Due Dates and shall be compounded on monthly basis.
c) Without prejudice to the Lender’s own rights, the delay in payment of EMI or PEMII by the Borrower,
shall render the Borrower liable to pay additional Interest at the rate mentioned in the Schedule attached
hereto (“Additional Interest”) or at such higher rate as per the rules of the Lender in that behalf as in force
from time to time and communicated to the Borrower by the Lender in writing. Such additional interest
shall be charged/debited to the Borrower’s Loan account on the respective Due Dates and shall be
deemed to form part of the outstanding Loan. Such interest and other amounts shall accordingly attract
interest at the same rate as applicable to the Loan and as stated in Schedule attached hereto. In such
event, the Borrower shall also be liable to pay incidental charges and costs to the Lender.
2.9 PRE-PAYMENT OF THE LOAN
a) The Borrower may prepay the amount of the Loan in full or in part. The Borrower shall pay to the Lender
such pre-payment charges, if applicable, as per the terms agreed between the parties.
b) If the Borrower pre-pays only a part of the amount payable by the Borrower to the Lender, the Lender
shall be entitled to adjust the amount pre-paid against the amount payable by the Borrower in such
manner as the Lender thinks fit. Notwithstanding the above, if the Borrower pays any amount to the
Lender before the Due Date the Lender shall be entitled to appropriate the same in such manner as it
deems fit.
c) In the event of such pre-payment, the Repayment Schedule shall be altered by the Lender at the request
of the Borrower and the Borrower agrees to adhere to the altered re-payment Schedule.
2.10 PROCESSING FEES

The Borrower acknowledges that processing fee as mentioned in the Schedule attached hereto has
been paid by the Borrower.
2.11 TERMINAL DATE FOR DISBURSEMENT

The Lender may be notice to the Borrower suspend or cancel further disbursements of the Loan, if
the Loan shall not have been fully drawn within the period as agreed in the Sanction Letter or such
other period as may be decided by the Lender.
2.12 ALTERATION AND RE-SCHEDULING OF EMI

If the entire amount of the Loan is not fully drawn by the Borrower within a period of 36 months from
the Effective Date, EMIs shall be altered and re-scheduled in such manner and to such extent as
the Lender may, in its sole discretion, decide and the repayment shall thereupon be made as per
the said alteration and re-scheduling notwithstanding anything stated in this Agreement.
2.13 LIABILITY OF THE BORROWER TO BE JOINT AND SEVERAL

Where the Loan is provided to more than one Borrower or where the payment obligations are
secured by any guarantee, notwithstanding anything herein stated, the liability of the Borrower/s to
repay the Loan together with interest, and all other amounts and to observe these terms and
conditions and terms and conditions of any other agreement/s, document/s that may be executed
by the Borrower with the Lender in respect of the Loan or any other loan, is joint and several.
2.14 CROSS DEFAULT

The Borrower agrees and acknowledges that any default by the Borrower under any credit facility
agreement or arrangement entered into by the Borrower with the Lender, any bank and/or financial
institution/non-banking financial company and/or other creditors, shall constitute an event of default
under this Agreement and vice-versa.
ARTICLE – 3
CONDITIONS PRECEDENT
3.1 The following shall be conditions precedent for disbursal of the Loan or any tranche thereof
a) The Borrower meets the Lender’s requirement of creditworthiness. The Lender shall be entitled to make or
cause to be made inquiries of such nature as the Lender may deem fir of the creditworthiness of the
Borrower. The Lender shall be further entitled to call for such credentials from the Borrower as may be
required to prove the creditworthiness of the Borrower.
b) The Borrower shall, prior to receiving the disbursal of the Loan, have utilized his own contribution, i.e. the
cost of purchase of the Property or plot of land less loan availed/ to be availed from the Lender unless
specified by the Lender.
c) The Borrower shall have an absolute, clear and marketable title to the Property and that the Property is
absolutely unencumbered and free from any liability and prior charges whatsoever.
d) No Event of Default/ Cross-default shall have occurred.
e) Any disbursement of the Loan and/or tranche thereof shall, at the time of request therefor, be required
immediately by the Borrower for the sole and exclusive Purpose of the Borrower as stated in the Loan
Application, and the Borrower shall produce such evidence of the proposed utilization of the proceeds of
the disbursement of the Loan or any tranche thereof as is satisfactory to the Lender as and when required
by the Lender.
f) No extraordinary or other circumstances shall have occurred which shall make it improbable for the
Borrower to fulfill his/its obligations under this Agreement.
g) The Borrower shall have executed and delivered a money bond or a demand promissory note in favour of
Lender for the amount of the Loan.
h) The Borrower shall have satisfied the Lender to the effect that there is no action, suit, proceedings or
investigation pending or to the knowledge of the Borrower, or is threatened by or against the Borrower,
before any Court of Law or Government authority or any other competent authority which might have a
material effect on the financial and other affairs of the Borrower or which might put into question the
validity or performance of this Agreement and/or other security documents executed by the Borrower in
favour of the Lender.
i) The Borrower shall have satisfied the Lender about the utilization by the Borrower of the proceeds of any
prior disbursements.
ARTICLE – 4
SECURITY
4.1 SECURITY: The Borrower agrees to create security interest in such form and manner as may be required by the
Lender to secure the principal amount of the Loan together with the interest, additional Interest, costs, charges,
expenses etc. due and payable by the Borrower to the Lender.
4.2 ADDITIONAL SECURITY: In the event of the security furnished by the Borrower is found to be insufficient/
incorrect in value the Borrower shall be directed to furnish additional security as may be required by the Lender.
Notwithstanding the above, in the event the security furnished by the Borrower is subsequently found to be of inferior
value to that as declared by the Borrower in the Loan Application, the Loan may be recalled/ repayment of the Loan
may be accelerated by the Lender with immediate effect.
4.3 CONTINUING SECURITY:

a) All security furnished by the Borrower to the Lender in connection with the Loan shall remain a continuing
security to the Lender and the same shall be binding upon the Borrower.
b) The Borrower agrees that the security shall not be discharged/ released by intermediate payment by the
Borrower or any settlement of accounts by the Borrower till such time all the dues in respect of the Loan
are fully paid to the satisfaction of the Lender and the Lender consents to give a discharge/ release in
respect of the security in writing to the Borrower.
c) The security shall be in addition to and not in derogation of any other security, which the Lender may at
any time hold respect of the Borrower’s dues and shall be available to the Lender until all accounts
between the Lender and the Borrower in respect of the Loan are ultimately settled.
4.4 CROSS LIABILITY:

a) The Borrower further agrees that the security created shall also be security for (a) all other monies that
may be due and payable by the Borrower to RSCIF, on any account whatsoever, whether present or
future, including any liability of the Borrower as a surely or co-obligator either singly or alongwith any other
person (b) Loan granted/ continued to the group companies/ associate of the Borrower as declared from
time.
b) The Borrower agrees with, and undertakes that RSCIF, shall have an exclusive charge over the security
created and that the Borrower shall not create any other encumbrance, charge or security interest in the
security so created or any of them in favour of any other person or body, except with the prior written
consent of RSCIF. The charge/ security created by the Borrower under this Agreement shall continue and
remain in force till such time all other dues under this Agreement and in respect of all other loan/facility
obtained/ to be obtained by the Borrower from RSCIF, and group companies are fully discharged and
RSCIF/ group companies issue a certificate of discharge. The security created under this Agreement and
the liability of the Borrower shall not be affected, impaired or discharged by winding up (voluntary or
otherwise) or by any merger or amalgamation, reconstruction, takeover of the management, dissolution or
nationalization (as the case may be) of the Borrower. The Borrower covenants that the security provided
by the Borrower shall remain valid for the balance due RSCIF, or any other financial benefits obtained by
the Borrower from any of the group companies.
ARTICLE – 5
CONVENANTS
5.1 PARTICULAR AFFIRMATIVE COVENANTS: The Borrower covenants with the Lender that during the tenor of
the Loan:
a) Utilization of Loan: The Borrower shall ensure that the entire Loan will be utilized for the Purpose as
stated by the Borrower in the Loan Application form and for no other purpose whatsoever.
b) Construction: The Property will be acquired/ Construction will be completed on the land comprising the
Property as indicated in the Loan Application and in accordance with the sanctioned plan and the
Borrower will obtain and produce to the Lender a certified true copy of occupation/ completion certificate
issued by the concerned Municipal and/or other concerned authority.
c) The Lender shall promptly be notified of any event or circumstances which might cause a delay in the
commencement or completion of the Construction of the Property or delay in the acquisition of the
Property.
d) The Borrower shall maintain the Property when purchased/ completed in good order and condition and all
necessary repairs, additions and improvements thereto will be made during the currency of the Loan and
that the Borrower will ensure that the value of the Property does not diminish.
e) The Borrower shall notify the Lender of any change in the Borrower’s employment, business or
profession. In the event the Borrower is self-employed, the Borrower hereby undertakes to keep the
Lender informed about the financials of his business on a regular basis as may be notified to him by the
Lender. In the event the Borrower is a company, partnership or sole proprietary, the Borrower shall
provide the Lender such information and/or documents as may be required by the Lender.
f) The Borrower shall notify the Lender of any change in its residential status within 15 (fifteen) days of such
change.
g) The Borrower shall duly and punctually comply with all the terms and conditions of holding the Property
and all the rules, regulations, bye-laws, etc., of the concerned Co-operative Society, Association,
Company or any other Competent Authority, and pay such maintenance and other charges for the upkeep
of the Property as also any other dues, etc. as may be payable in respect of the Property and/or of the use
thereof.
h) The Borrower shall ensure that the Property is insured against fire, earthquake, flood, storm, tempest or
typhoon and other hazards, as may be required by the Lender, with the Lender being made the sole
beneficiary under the policy/ies, for a value as required by the Lender and produce evidence thereof to the
Lender from time to time and wherever called upon to do so.
i) That until any moneys are due or outstanding under this Agreement, the Borrower shall ensure that the
insurance policy/ies wherein the Lender is the sole beneficiary are valid, subsisting and operative by
complying with the terms of issue of such insurance policy/ies including the timely payment of the
premium for such policy/ies and agrees to produce the necessary proof/ receipts of such validity/
subsistence/ operativeness to the Lender whenever required.
j) The Borrower shall promptly inform the Lender of any loss or damage to Property due to any act of God or
damage or other risks against which the Property may not have been insured.
k) The Borrower shall pay all municipal taxes, ground rent and such other municipal and local charges in
accordance with the municipal laws and regulations.
l) The Borrower shall allow any person authorized by the Lender to have free access to the Property for the
purpose of inspection.
m) The Borrower shall promptly give written notice to the Lender of (i) any dispute which might arise between
the Borrower and any person of any governmental body or authority relating to or concerning the Property.
(i) Any distress or execution being levied against the Property
(ii) Any material circumstances affecting the ability of the Borrower to repay the Loan in the manner
stipulated hereunder.
n) The lender will be informed at regular intervals of the progress of Construction of the dwelling unit/
Property.
o) The Lender will be given written notice on completion of Construction. The Borrower will obtain certificate
of occupation and certificate of completion, if any, from the relevant authorities and furnish certified true
copy thereof to the Lender.
p) The Borrower shall on the Lender’s request do, perform and execute such acts, deeds, matters and things
as the Lender may consider necessary either to perfect the security provided for or to carry out the intent
of this Agreement.
q) The Borrower shall confirm that the true copies of the document submitted for the purpose of the Loan are
genuine. The Lender may at any time, call for or require verification of originals of any/ all such copies.
Any such copy in possession of the Lender shall be deemed to have been given only by the Borrower.
r) The Borrower confirms that there is no action, suit, proceedings or investigation pending or to the
knowledge of the Borrower, threatened, by or against the Borrower before any court of Law or
Government Authority or any other competent which might have a material adverse effect on the financial
and other affairs of the Borrower or which might put into question the validity or performance of this
Agreement or any of its terms and conditions.
s) The Borrower agrees, confirms and acknowledges that the Borrower has exercised due care and caution
(including, where necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals)
prior to taking of the decision, acting or omitting to act, in respect of financing and/ or the Property and
further agrees, confirms and acknowledges that the Lender is not responsible for any delay in
construction/ giving of possession/ completion of the Property including where the Lender may have
approached/ sanctioned or otherwise provided by the Borrower any information in respect of the builder/
developer/ seller of the Property.
t) The Borrower agrees, confirms and acknowledges that the documents pertaining to acquisition of
Property as entered into by the Borrower or executed for and on behalf of the Borrower which is subject
matter of the Loan are valid and subsisting during the tenure of the Loan, subject to the terms of this
Agreement.
u) If the Borrower is a company, register the charge created in favour of the Lender in proper form with the
Registrar of Companies within a period of 30 days from the date of creation of charge.
v) The Borrower confirms that the Borrower has a clear and marketable title to the Property offered or to be
offered as security, and the same is free from all reasonable doubts and encumbrances.
w) If the Borrower is a Person other than an individual, promptly inform the Lender of change in location of its
office/ registered office, name, main business activity of the Borrower.
x) The Borrower shall bear all costs of making good any deficit in stamp duty on the documents executed by
the Borrower in relation to the Loan and/or security created by the Borrower in favour of the Lender.
y) The Borrower agrees that any security provided by the Borrower to the Lender under any other credit
facility shall be available to the Lender under this Loan Agreement upon the occurrence of an event of
default under this Loan Agreement and vice-versa.
z) The Borrower agrees to furnish such number of PDCs to the Lender as may be required by the Lender.
5.2 NEGATIVE COVENANTS

5.2.1 The Borrower further covenants with the Lender that unless, the Lender otherwise previously approve in writing,
the Borrower shall not:
a) Use the Loan for any speculative purpose or a purpose other than that stated with Loan Application.
b) Let out or give on leave or license or otherwise howsoever part with the possession of the Property or
any part thereof.
c) Sell, mortgage, lease, surrender or otherwise howsoever alienate, encumber or create any third party
interest in the Property or any part thereof.
d) Make and/or allow to be made any material alterations and/or additions in the Property.
e) Enter into any Agreement or Arrangement with any person, institution or local or Government body for
the use, occupation or disposal of the Property or any part thereof.
f) Change use of the Property provided that if the Property is used for any purpose other than residential/
commercial purpose stated therein, in addition to any other action which the Lender might take, the
Lender shall be entitled to charge, in its sole discretion, such higher rate of interest as it might fix in the
circumstances of the case.
g) Amalgamate or merge the Property or any of his other property with any other adjacent property nor
shall the Borrower create any right of way or any other easement on the Property.
h) Stand surety for anybody or guarantee the r3epayment of any loan or the purchase price of any asset.
i) Execute any document, such as Power of Attorney, or any other similar or other deed, in favour of any
person to deal with the Property in any manner.
j) Effect any oral or other partition of the Property or enter into any family arrangement or use it for the
purpose of business.
k) Borrow from any source or charge any property until the Borrower’s dues are paid in full.
l) If the Borrower is a company make any change in the constitution, management or existing ownership
or control or share capital of the Borrower.
m) If the Borrower is a partnership firm, dissolve or admit new partners in the partnership.
n) If the Borrower is a company or a partnership firm, enter into a reconstruction or arrangement or merge
or amalgamate with any other company or body corporate or enter into any partnership
o) Leave India for employment or business or for long term stay abroad without fully repaying the Loan
amount together with interest and other dues and charges including prepayment charges as contained
in the Schedule herein. If the Borrower becomes a Non Resident Indian, the Borrower agrees to repay
the Loan in accordance with the rules, regulations, guidelines and norms of the Reserve Bank of India.
p) Enter into any agreement for cancellation of/ cancel the Sale Deed/ Agreement to Sell entered into by
the Borrower for the purchase of the Property.
5.2.2 The Borrower further covenants with the Lender that the Borrower shall not use the Loan for any
anti-social purpose.
ARTICLE – 6
REPRESENTATION AND WARRANTIES
The Borrower warrants and undertakes to the Lender as under:
The Borrower assures the Lender that the Borrower has absolute clear and marketable title to the Property and that
the Property is absolutely unencumbered and free from any liability whatsoever.
The Borrower shall continue to remain in occupation/ possession of the Property and shall not part with the
possession thereof either partly or wholly until the entire Loan with interest has been repaid to the Lender.
The information given in the Loan Application form and end use of funds letter and any prior or subsequent
information provided or explanation furnished to the Lender in this behalf are true, complete and accurate in every
respect.
The purpose for which the Loan is taken is not illegal, speculative or nefarious.
The Borrower assures that subsequent to the application there has been no material change, which would affect the
acquisition of the Property/ construction of a dwelling unit on the land comprising the Property or the grant/ provision
of Loan by the Lender to the Borrower.
The Borrower is not aware of any document, judgment or legal process or other charges or of any latent or patent
defect affecting the title of the Property or of any material defect in the Property which has remained undisclosed
and/or which may affect the Lender prejudicially.
The Property is not included in or affected by any of the schemes of Central/ State Government or of the
improvement trust or any other public body or local authority or by any alignment, widening or construction of road
under any scheme of the Central/ State Government or of any Corporation, Municipal Committee, Gram Panchayat
etc.
The Borrower has paid and will pay when due, all public demands such as Income Tax, Property Taxes and all the
other taxes and revenues payable to the government of India or to the Government of any State or to any local
authority and that at present there are no arrears of such taxes and revenues due and outstanding.
The Borrower has disclosed/ furnished all facts/ information to the Lender in respect of the Loan and all information in
the “Loan Application or in any supporting documents or otherwise howsoever is absolutely true, correct and
complete in all respects and that no fact or information necessary to be furnished by the Borrower has been omitted
to stated in order to induce the Lender to provide the Loan.
That the contract for sale with the vendor is valid and subsisting.
The Borrower does not violate any covenant, conditions or stipulations under any existing Agreements entered into
by the Borrower with any party, by availing the Loan from the Lender.
The Borrower assures that all the necessary approvals for availing the Loan and creating the security/ securities have
been obtained or shall be obtained.
The Borrower is entitled and empowered to borrow the Loan, provide the security documents, execute the promissory
notes if any and all other documents and papers in connection with and upon execution of the same will create legal
and binding obligations on the Borrower and shall be enforceable in accordance with their respective terms.
The Borrower shall keep himself acquainted with the rules prescribed by the lender in force from time to time.
The Borrower assures that no suit is pending in the Municipality, Magistrate’s Court or any Court of Law in respect of
the Property nor has the Borrower been served with any notice for infringing the provisions of the Municipal Act or
any other Act relating to local bodies or Gram Panchayats or Local authorities or with any other process under any of
these Acts.
The Borrower confirms that the representations and warranties contained herein shall be deemed to be repeated by
the Borrower on and as of each day from the date of this Agreement until all sums due or owing hereunder by the
Borrower to the Lender have been paid in full, as if made with reference to the facts and circumstances existing on
such day.
ARTICLE – 7
EVENTS OF DEFAULT
The following events shall be considered as “Events of Default”:-

a) If any default shall have occurred in payment of interest and/or EMIs or any part thereof and/or in payment of any
other amounts due and payable to the Lender in terms of this Agreement and/or in terms of any other
agreement(s)/ document(s) which may be subsisting or which may be executed between the Borrower and the
Lender hereafter;
b) If default shall have occurred in the performance of any other covenants, conditions or agreements on the part of
the Borrower under this Agreement or any other agreement(s) between the Borrower and the Lender in respect
of the Loan any other loan;
c) If any information given by the Borrower to the Lender in the Loan Application form or otherwise is found to be
misleading or incorrect in any material respect or any representation or warranty referred to in Article 6 is found
to be incorrect;
d) If any Property on which the security for the Loan is created depreciates in value to such an extent that in the
opinion of the Lender further security should be given and such security is not given on written demand;
e) If the Property or any part thereof is let out, given on leave and license, sold, disposed off, charged, encumbered
or otherwise alienated in any manner whatsoever without written approval of the Lender;
f) If an attachment or distraint is levied on the Property or any part thereof and/or proceedings are taken or
commenced for recovery of any dues from the Borrower against the Property;
g) If the Borrower fails to furnish any information or documents required by the Lender;
h) If the Borrower fails to inform the Lender of the occurrence of any Event of Default or any event which after the
notice or lapse of time, or both, would become an Event of Default;
i) If a cheque in respect of any monthly payment is not paid on the date thereof or where any such Cheque is
renewed before the date of its payment; or if a cheque is respect of any payment including but not limited to EMI
is dishonored.
j) If the Borrower fails to deliver post dated cheques in accordance with the terms of the Loan or as and when
demanded by the Lender;
k) If any security for the Loan becomes in fructuous or is challenged by the Borrower or any other person;
l) Where the Borrower or where the Loan has been provided to more than one Borrower, any one of the Borrowers
is divorced or dies and the other surviving Borrower is incapable of securing the Loan in the sole opinion of the
Lender;
m) Where any payment made by the Borrower to the Lender falls short of payment required to be made by the
Borrower with respect to the amount due from the Borrower to the Lender;
n) If the Borrower/s dies;
o) If the Borrower fails to furnish to the Lender detailed end use statement of the Loan as and when so required by
the Lender within 10(ten) days of receiving such request form the Lender;
p) There is any change in the constitution, management or existing ownership or control of share capital of the
Borrower (in case the Borrower is a company or partnership firm);
q) Where the Borrower is an individual, if the Borrower commits an act of insolvency or makes an application for
declaring himself and insolvent or an order is passed against the Borrower declaring him an insolvent/ Where the
Borrower is a partnership firm, if the Borrower, it is dissolved or a notice of dissolution is given to it or any of its
partners or if the Borrower or any of its partners commits an act of insolvency or makes an application for being
declared insolvent or an order is passed declaring it or them or any of them an insolvent/ Where the Borrower is
a company, if the Borrower is unable to pay its debts within the meaning of section 434 of the Companies Act,
1956 or a resolution for winding-up of the Borrower is passed or any petition for its winding-up filed or any order
for winding-up is made against the Borrower or if a liquidator is appointed in respect of any property or estate of
the Borrower;
r) If any permission, authorization, issued by the competent authority(ies) with respect to construction and/or
legality of the Property is withdrawn or cancelled or withheld for any reason whatsoever.
s) If the Borrower makes any default under any credit facility agreement or arrangement entered into by the
Borrower with the Lender, its subsidiaries, affiliates or any bank, financial institution/ non-banking financial
company and/or other creditors.
t) If the Borrower fails to sign and deliver to the Lender the Balance confirmation of the Loan as and when so
required by the Lender in the absence of any manifest error in calculation of such statement pointed out by the
Borrower within 15 days after receiving the balance confirmation statement from the Lender.
ARTICLE – 8
REMEDIES OF THE LENDER
8.1 If one or more of the Events of Defaults shall have occurred, then, the Lender, by a written notice to
the Borrower may declare the principal and all accrued interest and charges on the Loan which may
be payable by the Borrower under or in terms of this Agreement and/or any other agreements,
documents subsisting between the Borrower and the Lender, as well as all other charges and dues
to be due and upon such declaration the same shall become due and payable forthwith and the
security in relation to the Loan and any other loans shall become enforceable, notwithstanding
anything to the contrary in this Agreement or any other agreement/s or documents.
8.2 If any Event of Default or any event, which after the notice or lapse of time or both, would constitute
an Event of Default shall have happened, the Borrower shall forthwith give to the Lender notice
thereof in writing specifying such Event of Default, or such event.
8.3 All reasonable costs incurred by Lender after an Event of Default has occurred in connection with:
i) Preservation of the Borrower’s Property (whether now or hereafter existing); or
ii) Collection of amounts due under this Agreement may be charged to the Borrower and reimbursed, as the Lender
shall specify.
8.4 The Lender may issue any certificate as regards payment of any amounts paid by the Borrower to
Lender in terms of this Agreement only if the Borrower has paid all amounts due under this
Agreement to the Lender and the Borrower has complied with all the terms of this Agreement.
8.5 In the Event of Default, the Lender shall be entitled to communicate, in any manner it may deem fir,
to or with any person or persons with a view to receiving assistance of such person or persons in
recovering the defaulted amounts including but not limited to visiting the Property and/or any place
of work of the Borrower.
ARTICLE – 9
WAIVER
No delay in exercising or omission to exercise, any right, power or remedy accruing to the Lender upon any default
under this Agreement, mortgage deed or any other agreement or document, shall impair any right, power or remedy
or shall be construed as a waiver thereof or any acquiescence in such default affect or impair any right, power or
remedy of the Lender in respect of any other default.
ARTICLE – 10
EFFECTIVE DATE OF TERMS AND CONDITIONS
This Agreement shall become binding on the Borrower and the Lender on and from the date of execution hereof. It
shall be in full force till the Loan is fully Amortized/ repaid and any other moneys due and payable to the Lender under
this Agreement as well as all other agreements, documents which may be subsisting/ executed between the
Borrower and the Lender is fully paid. In case of any change in terms and conditions of the Loan Agreement, the
same shall be informed to the Borrower by a written notice.
ARTICLE – 11
INSPECTION, ASSIGNMENT
a) The Borrower shall permit inspection of all the books of accounts and other records maintained by him in respect
of the Loan to officers of the Lender. The Borrower shall also permit similar inspection by officers of such other
companies, banks, institutions or bodies as Lender may approve any intimate to the Borrower.
b) The Lender shall have the right to create over the Property in favour of any bank, institution or body by way of
security for any refinance facility or any loan availed of by Lender from such bank, institution or body. The Lender
shall also have the right to transfer or assign the mortgage over the Property in favour of any bank, institution or
body in connection with any sale or transfer of the Loan by Lender to them.
c) The Lender shall have the authority to make available any information contained in the Loan Application and/or
any document or paper or statement submitted to the Lender by or on behalf of the Borrower and/or pertaining or
relation to the Borrower and/or the Loan including as to its repayment, conduct, to any rating or other agency or
institution or body as Lender in its sole discretion may deem fit. The Lender shall also have the authority to seek
and/or receive any information as if may deem fit in connection with the Loan and/or the Borrower from any
source or person or entity to shom the Borrower hereby authorizes to furnish such information.
ARTICLE – 12
DISCLOSURE
12.1 The Borrower hereby agrees as a pre-condition of the Loan given to the Borrower by the Lender that, in
case the Borrower commits default in repayment of the Loan or in the repayment of interest thereon or any
of the agreed installment of the Loan on Due Date(s), the Lender and/or the Reserve Bank of India will have
an unqualified right to disclose or publish the Borrower’s name as defaulter in such manner and through
such medium as the Lender or Reserve Bank of India in their absolute discretion may think fit. Accordingly,
the Lender shall have the right to furnish and publish the name of the Borrower as defaulter to the Reserve
Bank of India or other regulatory authority. Notwithstanding the above the Borrower understands that as pre-
condition relating to grant of the Loan to the Borrower the Lender requires the Borrower’s consent for the
disclosure by the Lender of information and data relating to the Borrower, of the credit facility availed of/ to
be availed by the Borrower, obligations assured/ to be assured by the Borrower in relation thereto and
default, if any, committed by the Borrower in discharge thereof. Accordingly, the Borrower hereby agrees
and gives consent for the disclosure by the Lender of all or any such
a) Information and data relating to the Borrower;

b) The information or data relating to any credit facility availed of/ to be availed by the Borrower; and
c) Default, if any, committed by the Borrower in discharge of such obligation as the Lender may deem
appropriate and necessary to disclose and furnish to Credit Information Bureau (India) Limited and any
agency authorized in this behalf by Reserve Bank of India.
12.2 The Borrower further declares that the information and data furnished by the Borrower to the Lender are true
and correct.
12.3 The Borrower also understands and agrees that:
a) The Credit Information Bureau (India) Limited and any other agency so authorized may use, process
the said information and data disclosed by the Lender in the manner as deemed fit by them; and
b) The Credit Information Bureau (India) Limited and any other agency so authorized may furnish for
consideration the processed information and data or products thereof prepared by them, to banks/
financial institutions and other credit grantors or registered users, as may be specified by the Reserve
Bank of India in this behalf.
12.4 The Lender may disclose to a potential assignee or to any person who may otherwise enter into a
contractual relations with the Lender in relation to this Agreement such information about the Borrower, as
the Lender may deem appropriate.
12.5 The Borrower confirms that the Lender may for the purposes of credit reference checks, verification, etc.
disclose any information/ documents relating to the Borrower under this Agreement to any third party.
12.6 The Borrower further authorizes the Lender to disclose such information/ documents to Reserve Bank of
India, Income Tax Authorities, Credit Bureau, third parties, Credit Rating Agencies, Databanks, Corporates,
other banks, financial institutions or any other Government or Regulatory Authorities, statutory authorities,
quasi judicial authorities.
ARTICLE – 13
SECURITIZATION
a) The Lender reserves the right to assign/ sell/ securitize the Loan with or without security, if any, in any manner
by transferring and/or assigning or otherwise all its right, title and interest which the Lender deems appropriate
and the Borrower hereby expressly agrees that in that event, Lender is not required to obtain any permission or
put the Borrower to any notice.
b) The Borrower shall be bound to accept any such securitization and any such sale, assignment, or transfer and
the Borrower shall accept such other party(s) as creditors exclusively or as a joint creditor with the Lender, or
ass a creditor exclusively with the right of Lender to continue to exercise all powers hereunder on behalf of any
such other party.
c) Any cost in the behalf, whether on account of such sale, assignment or transfer or enforcement of rights and
recovery of outstanding and dues shall be to the account of the Borrower. The Borrower undertakes to pay to
third parties the difference between the Loan outstanding and the amount received by the Lender in the event of
transfer to the portfolio to a third party.
ARTICLE – 14
INDEMNIFICATION
The Borrower undertakes to indemnify and keep Lender and its officers/ employees fully indemnified and harmless
from and against all the consequences of breach of any of the terms, conditions, statements, undertakings
representations and warranties of this Agreement as also of any of its representations or warranties not belong found
to be true at any point of time, including any actions, suits, claims, proceedings, damages, liabilities, losses,
expenses or costs (hereinafter referred to as “Claims”) faced, suffered or incurred by the Lender. Borrower hereby
accepts and acknowledges to have clearly agreed and understood that this indemnity would cover all acts and
omissions on the part of the warranties and/ or representations of the Borrower. Similarly, in the event of any claims
being made on Lender, on account of any breach of warranty, representations, non-compliance of any applicable law,
unauthorized act, fraud, deed or thing done or omitted to be done or undertaking made by Borrower or its employees,
agents, being false, the Borrower undertakes to pay on first demand made by Lender of any amount on this account
without any demur, reservation, contest, protest whatsoever within 7 working days of the demand being made.
ARTICLE – 15
APPROPRIATION OF PAYMENTS
Unless otherwise agreed to by the Lender, any payment due and payable under this Agreement and made by the
Borrower will be appropriated towards such dues in the order, namely;
a) Principal amount of the Loan
b) Additional interest and/or Default interest
c) Delayed payment/ cheque bounce charges
d) Service fees
e) Costs, charges, expenses, incidental charges and other moneys that may have been expender y
Lender in connection with the recovery.
____________________ _________________
(Borrower) (Co-borrower)
ARTICLE – 16
SERVICE OF NOTICE
Any notice or request or permitted to be given or made under this Agreement to Lender or to the Borrower shall
be given in writing. Such notice or request shall be deemed to have been duly given or made when it shall be
delivered by hand, mail or telegram to the party to which it is required or permitted to be given or made at such
party’s address specified below or at such other address as such party shall have designated by notice to the party
giving such notice or making such request.
To the Lender: At the address of the Lender mentioned in the Schedule
To the Borrower: residential address stated in serial No. C (i) of the Schedule or the Property address described in
the Schedule hereunder.
ARTICLE – 17
ARBITRATION
In the event of any dispute of differences arising under this Agreement including any dispute as to any amount
outstanding, the real meaning or purport hereof (“Dispute”), such Dispute shall be finally resolved by arbitration. Such
arbitration shall be conducted in accordance with the provisions of the Indian Arbitration and Conciliation Act, 1996 or
any amendment or reenactment thereof by a single arbitrator to the appointment by the Lender. The venue of
arbitration shall be Mumbai and the arbitration shall be conducted in English language.
ARTICLE – 18
SEVERABILITY
The Articles of the Agreement and the clauses contained in each Article are severable and any illegality, invalidity or
irregularity, inconsistency or repugnancy of any Article or clause in Article shall not in any way affect the legality,
validity or regularity of any other Article or clause of the Article.
ARTICLE – 19
GOVERNING LAW AND JURUSDICTION
This Agreement shall be governed by and construed in all respects with the Laws in India and the Borrower and
Lender hereby mutually agree that any matter or issues arising hereunder or any dispute hereunder shall, at the
option/ discretion of the Lender, be subject to the exclusive jurisdiction of the Courts of the city AGRA (up),&
Baseri(Raj.) in India. This shall not however limit the rights of the Lender to file/ take proceedings in any other Court
of Law or Tribunal of Competent Jurisdiction
शशशश शशशशश शश शशशशशशशशशशशश
शश शशशशशश शशश शशशशशश शशश शशशश शशश शशशशशशश शशशशशश शशशशश शश शशशश शशशशश शश शशशशशशशशश शश
शशशशशश शश शशश शश शशशशशशशशश शशश शश शशशश शशशशश शश शशशश शशशशशशश शशशश शशशश शशश शश शशशशश शश
शशशशशश शश शशशश शशश शशशशश, शशशशशश शश शशशशशश/शशशशश शश शशशश शशशशश शशशश शशश शशश शशशश (शशश),
शश शशशशश (शशशशशशशश) शश शशशशशशशशशश शश शशशशश शशशशशशशशशशशशशश शशशशशशश, शश शशशशशश शश शशशश
शशशश शशशशशशशश शश शशशशश शशशशशशशशशशशशश शश शशशशशशशशशशश शशश शशशशशशशशश शशशश शशशश/शशशशशशशशश
शशशश शश शशशशशशशश शश शशशशश शशशश शशशशशश
The Borrower agrees/ confirms as follows:

a) To keep alive the insurance policy/policies assigned in favour of Lender by paying on time the premium
as they fall due and produce the receipts to Lender whenever required.
b) Lender shall have the right to receive and adjust any payment that it may receive in connection with any
insurance policy/policies against the Loan and alter the amortization schedule as set out in Schedule
hereunder in any manner as it may deem fir notwithstanding anything to the contrary contained in this
Agreement or any other document or paper.
c) That the terms and conditions and all the covenants and details of the Schedule hereunder shall be
read and construed as part and parcel of these presents.
d) That the terms and conditions of this Agreement shall be binding on the legal representatives, heirs,
executors, administrators, successors and assigns of the Borrower and the successors and assigns the
Lender.
That the Borrower has read and understood this Agreement and in the event that the Borrower is illiterate and/or
cannot read English language, the terms and conditions of this Agreement have been read over, translated and
explained in detail in the vernacular language to the Borrower.
____________________ _________________
SCHEDULE
A] Date of Agreement
B] Place of Agreement
C] Customer details
S.No. Particulars Details
i) Description of the Borrower:
Name :_______________________________________________________________
Address :_______________________________________________________________
Constitution :_______________________________________________________________
PAN Number :____________________
ii) Description of the Co-borrower/ Guarantor:
Name :_______________________________________________________________
Address :_______________________________________________________________
Constitution :_______________________________________________________________
PAN Number :____________________
D] Loan/ facility details
i) Loan
a) Loan amount Rs._______________________________
b) No. of tranches Single/ Multiple
Single/ Multiple
ii) Purpose
iii) Rate of Interest: ____________% p.a/ monthly reducing
Floating
Fixed
semi-Fixed (fixed for ____ years)
(strike whichever is not applicable)
iv) Additional Interest
v) Default/ Penal Interest
vi) Amortization of Loan:
a) Tenure of Loan
b) Number of EMIs
c) Amount of each EMI
d) Amount of PEMII
e) Date of commencement of the Monthly
Installment
f) Due Date of payment of firstly Monthly
Installment
g) Mode of Repayment:
vii) Fees & Charges
a) Prepayment Charges
b) Part Prepayment Charges
c) Processing Charges
d) Loan re-schedulement Charges
e) Cheque swapping Charges
f) Document retrieval Charges
g) ECS/ PDC Dishonour Charges
h) Inward cheque dishonour Charges
i) Renewal fees and other Charges
j) EMI cycle change Charges
E) Details of Property, Security and other charges
i) Description & address of Property
ii) Description of original title documents
iii) Security i) A first charge by way of hypothecation in

favour of the Lender of
ii) A first change by way of Registered Mortgage
in favour of the Lender of
iii) Demand Promissory Note

iv) An irrevocable and unconditional guarantee
from ____________ in favour of the Lender.
No guarantee commission shall be payable by
the Borrower to the guarantors.
v) Pledge of shares of__________________
iv) Details of Guarantor/ Co-borrower Name:_______________________________
Residential Address:____________________
_____________________________________
PAN Number________________________
Personal Assets_______________________
______________________________________
Legal heirs_____________________________
IN WITNESS WHEREOF the Parties have executed this Agreement on the day and the year first hereinabove
written, SIGNED AND DELIVERED by
The withinnamed Borrower
S.No. Name Constitution Name of Entity Signature and

(in case of entity) Stamp/ Seal
1. Shri/Smt/Ms. Individual/ Proprietor/ M/s.
Karta of HUF/ Partner/
Director (strike off
whichever not applicable)
2. Shri/Smt/Ms. Individual/ Proprietor/ M/s.

Karta of HUF/ Partner/
Director (strike off
whichever not applicable)
MEMORANDUM OF DEPOSIT FOR CREATION OF MORTGAGE
On the _______________ day of ____________ 20___, Mr. ____________________ in the capacity of owner of the
immovable property/Director/Authorised Signatory/Attorney/Partner ________________ __________________
(Borrower’s representative/Depositor):
**of ____________________________________ Limited, a company Incorporated under the Companies Act,

1956/2013 and having its registered office at ___________________________________________ (hereinafter
referred to as the “Borrower”, which expression shall include its executors, administrators, successors and permitted
assigns as the case may be)
{To be used in case the Borrower is a company}
OR
**of __________________________________ a partnership firm registered under the Indian Partnership Act, 1932
and having its principal office at_________________________________________ (hereinafter referred to as
“Borrower”, which expression shall include its surviving partners, executors, administrators, successors and permitted
{To be used in case the Borrower is a firm}
OR
**on the _______________ day of ____________ 20___, Mr. ____________________ proprietor of M/s
__________________________________ having its office at __________________________________
______________________________________ (hereinafter referred to as “Borrower”, which expression shall include
his heirs, executors, administrators, successors and permitted assigns as the case may be)
{To be used in case the Borrower is a proprietor concern}
OR
**on the _______________ day of ____________ 20___, Mr./Mrs./Ms ____________________ son/wife/daughter of

__________________________________ residing at _____________________
_______________________________________________________ (hereinafter referred to as “Borrower”, which
expression shall include his/her heirs, executors, administrators, successors and permitted assigns as the case may
be)
{To be used in case the Borrower is individual}
OR
**on the _______________ day of ____________ 20___, Mr. ____________________ Karta of

__________________________________ (HUF) residing at _________________________________
_______________________________________ (hereinafter referred to as “Borrower”, which expression shall
include his heirs, executors, administrators, successors and permitted assigns as the case may be)
{To be used in case the Borrower is Karta}
OR
**of M/s __________________________________ a body incorporated under the ___________________________

and having its place of business at____________________________ _________________________ (hereinafter
referred to as “Borrower”, which expression shall include its executors, administrators, successors and permitted
{To be used in case the Borrower is a Society}
____________________ _________________
Attended the office of R. Sen & Co. Investment & Finance Private Limited a Non-Banking Finance Company
registered with Reserve Bank of India and incorporated under the Companies Act, 1956, having its Registered Office
at 8/1, Lal Bazar Street, 3rd floor, Room No. 5, Kolkata – 700001, and branch office at Jagner Road, Village & ost
Baseri, District Dholpur (Rajasthan) (hereinafter referred to as “the lender” or “RSCIF” which expression shall unless
they be repugnant to the meaning or context thereof, be deemed to mean and include its successors and permitted
assigns) and met Mr._______________________ of RSCIF, with an intention to create an equitable mortgage over
the properties more particularly described in the ‘Schedule’ hereunder written to secure the repayment to RSCIF for
the loan agreed to be granted or granted upto the extent of Rs.______________ by RSCIF under Loan Agreement
dated _________________ (“Loan Agreement”) to Borrower.
1. Depositor stated that RSCIF has granted/agreed to grant/lend certain Term Loan facilities/limit to the extent
of Rs._____________ (Rupees _______________________________ only) (“Loan”) at the request of the
Borrower on the condition that the Borrower creates mortgage over the properties mentioned in Schedule I.
Depositor has accordingly deposited the documents of title, evidences, deeds and writings more particularly
described in the Schedule I hereunder written (hereinafter called the said “Title Deeds) with an intention to
create mortgage by way of deposit of title deeds in favour of RSCIF to secure the Loan.
2. Depositor while depositing the Title Deeds accorded and gave oral consent on behalf of the borrower to
Mr._______________________ of RSCIF to hold and retain the Title Deeds as and by way of equitable
mortgage by deposit of title deeds on the borrower’s immovable properties more particularly described in the
Schedule hereunder written, together with all buildings and structures thereon and all plant and machinery
attached to the earth or permanently fastened to anything attached to the earth, both present and future,
(hereinafter the properties described in Schedule I are referred to as “the Immovable Properties”) for the due
repayment, discharge and redemption by the Borrower to RSCIF for the Facilities sanctioned by RSCIF to
the borrower together with all interest, liquidated damages, costs, charges, expenses, guarantee
commission and other monies, payable under its facility agreement/letter of sanction/memorandum of terms
and conditions.
3. Depositor also stated that he was authorized to deposit the said title deeds/give oral consent pursuant to the
Board Resolution/Authority Letter/Power of Attorney passes/issued/executed by the Borrower and the
Borrower has furnished the certified true copy of the said Board Resolution/ Authority Letter/Power of
Attorney to Mr._______________________ of RSCIF with intent to create security on the immovable
properties as aforesaid and further stated that the Board Resolution/ Authority Letter/Power of Attorney is in
full force and effect, valid and binding on the Borrower.
4. Whilst depositing the said Title Deeds/giving such oral consent, the depositor, on behalf of the borrower,
stated that he/she has deposited the title deeds on behalf of the borrower in his/her capacity as owner of the
immovable property/Director/Partner/Attorney/Authorized Signatory of the borrower for the above said
facilities with intent to create the Security on the immovable properties as aforesaid to secure the facilities.
5. Depositor has further stated that aforesaid deposit was made/oral consent was given with the intent to
create the mortgage over the immovable properties mentioned in the Schedule I in favour of RSCIF to
secure the liability that may arise out of the said facilities granted to the borrower together with interest,
costs, charges and expenses and all the monies that may become payable by the borrower under or in
respect of the said facilities. Depositor has further stated that as long as any amount is outstanding under
the said facilities, the borrower shall not create further charge on the immovable properties and that the
immovable properties shall continuing security whether the balance in the said facilities at any point of time
is extinguished or become nil or comes to credit.
____________________ _________________
6. Depositor also acknowledged that the maximum amount intended to be secured by the said
mortgage created as aforesaid was for the purpose of Section 79 of the Transfer of Property Act,
1882 and no other purpose and without prejudice to the borrower’s full liability to RSCIF, under
the said mortgage fixed at Rs. ________________/- (Rupees___________________________
only) together with interest thereon and all costs and charges.
7. Depositor further declare that the borrower is not aware of any act, deed matter or circumstances,
which prevents the borrower from charging or creating mortgage over the immovable properties
in favour of RSCIF.
_______________________
(Signature of RSCIF Officer)
SCHEDULE I
S.NO DESCRIPTION OF PROPERTY TITLE DOCUMENTS NAME OF THE

DEPOSITED BORROWER
1
2
3
4
5
6
7
_______________________
(Signature of RSCIF Officer)
Date:__________________________
Place:_________________________
DECLARATION
I/we,
(i) ___________________________________________ s/o,D/o,w/o _____________ residing at
___________________________________________________________________________
(ii) ___________________________________________ s/o,D/o,w/o _____________ residing at
___________________________________________________________________________
In my capacity as owner of the immovable property/Director/Attorney/Authorised Signatory/Partner_____
_______________________ (as the case may be)(“Borrower’s Representatives/Depositors”) of:-
M/s ____________________________________ Limited, a company Incorporated under the Companies Act,
1956/2013 and having its registered office at __________________________________ (hereinafter referred to as
the “Borrower”, which expression shall include its executors, administrators, successors and permitted assigns as
the case may be)
{To be used in case the Borrower is a company}
OR
**of __________________________________ a partnership firm registered under the Indian Partnership Act, 1932
and having its principal office at_________________________________________ (hereinafter referred to as
“Borrower”, which expression shall include its surviving partners, executors, administrators, successors and permitted
{To be used in case the Borrower is a firm}
OR
**on the _______________ day of ____________ 20___, Mr./Ms _______]_____________ proprietor of M/s
__________________________________ having its office at _____________________________
___________________________________ (hereinafter referred to as “Borrower”, which expression shall include
his/her heirs, executors, administrators, successors and permitted assigns as the case may be)
{To be used in case the Borrower is a proprietor concern}
OR
**on the _______________ day of ____________ 20___, Mr./Mrs./Ms ____________________ son/wife/daughter of

__________________________________ residing at _____________________
_______________________________________________________ (hereinafter referred to as “Borrower”, which
expression shall include his/her heirs, executors, administrators, successors and permitted assigns as the case may
be)
{To be used in case the Borrower is individual}
OR
**on the _______________ day of ____________ 20___, Mr. ____________________ Karta of

__________________________________ (HUF) residing at _________________________________
_______________________________________ (hereinafter referred to as “Borrower”, which expression shall
include his heirs, executors, administrators, successors and permitted assigns as the case may be)
{To be used in case the Borrower is Karta}
OR
**of M/s __________________________________ a body incorporated under the ___________________________

and having its place of business at____________________________ _________________________ (hereinafter
referred to as “Borrower”, which expression shall include its executors, administrators, successors and permitted
{To be used in case the Borrower is a Society}
[RSCIF to add all the names of the signatories to the respective Deed}
____________________ _________________
(Borrower)
(Co-borrower)
Do hereby solemnly declare, confirm and re-confirm and say as follows:
1. That save and expect for the borrower no other person or persons have any share, right title or interest of
any nature whatsoever in the immovable property more particularly described in the schedule hereto
(hereinafter referred to as the “said immovable property”). I/we have full right and absolute authority to
mortgage and transfer the said immovable property in favour of the R. Sen & Co. Investment & Finance
Private Limited a Non-Banking Finance Company registered with Reserve Bank of India and incorporated
under the Companies Act, 1956, having its Registered Office at 8/1, Lal Bazar Street, 3rd floor, Room No. 5,
Kolkata – 700001, and branch office at Jagner Road, Village & ost Baseri, District Dholpur (Rajasthan)
(hereinafter referred to as “the lender” or “RSCIF”) on behalf of the borrower.
2. That there is no prohibitory order either from the Income Tax Authority or from any Revenue Authority for
mortgage and or transfer of the said immovable property nor there is any litigation pending in any court in
respect of the said immovable property.
3. That the Borrower has fully discharged all its/their liabilities towards Income Tax and Sales Tax (VAT) and
all other taxes payable in respect of the said immovable property.
4. That the Borrower has good right, full power and absolute authority to mortgage and transfer to the said
immovable property by deposit of title deeds and documents and that neither the Borrower nor any one n
their behalf has committed any act, deed, matter or thing whereby the said deposit of the said title deeds
and the said mortgage can be adversely effected.
5. That the borrower’s title to the said immovable property is marketable and free from all encumbrances.
6. That the borrower has not in any way encumbered or agreed to encumber either by way of mortgage,
charge, lien (including negative lien). Trust, sale, pledge or otherwise alienate howsoever its/their share,
right, title and interest in the said immovable property.
7. That there is no litigation pending in any court in respect of the said immovable property nor there is any lis
pendens registered nor there is any attachment either before or after judgment in respect of the same.
8. That no other person is in custody, possession, occupation of the said immovable property and that no other
person is entitled to claim any right, title or interest or whatsoever nature either by way of tenancy, sub-
tenancy, license, sub-license, care-taker or in any other manner or any occupational right or interest in the
said immovable property and I/we agree to handover vacant and peaceful possession of the said immovable
property in the event of RSCIF exercising rights to be same.
9. That the borrower has/have been paying all rents, royalties including provident fund, gratuity fund,
employees Provident fund dues, Income Tax, sales tax, VAT, corporation taxes and other taxes and
revenues payable to the respective Government and Authority and at present there are no arrears, taxes,
rents, royalties, revenues and there are no attachments, warrants, written notices that have been served on
any of the borrower in respect of such tax, that will have a bearing on the attachments and/or sale or
mortgage of the immovable property.
____________________ _________________
10. That the borrower is the absolute owner of the said immovable property and that the borrower
has clear and marketable title thereto and there is no mortgage, charge, lien or other
encumbrance or attachment on the said immovable property or any part or parts thereof in favour
of any Government or the Income-tax Department, of any other Government Department, or any
person, firm or company, body corporate or society or entity whatsoever and that the borrower
has not entered into any agreement for sale, transfer or alienation thereof or any part or parts
thereof and that no such mortgage, charge or lien or other encumbrances whatsoever will be
created or attachment allowed to be levied on the above referred immovable property or any part
or parts thereof in favour of or on behalf of any Government or Government Department or any
person, form, company body corporate or society or entity whatsoever except with the prior
permission of RSCIF do long as the borrower continues to be indebted to or liable to RSCIF on
any account in any manner whatsoever and that no proceedings for recovery of taxes are
pending against the borrower under the Income-tax Act or any other law in force for the time
being and that no notice has been issued and/or served on the borrower under Rule 2, 16 and 51
or any other Rules of the Second Schedule to the Income-tax Act, 1961 or under any other law.
11. That on the basis of the aforesaid statement and assurances made by me/us, RSCIF has agreed
to accept the said immovable property as security by deposit of title deed and documents and
I/we hereby agree to indemnify and keep indemnified RSCIF and its assigns against all actions,
suits, costs, charges, expenses, proceedings and damages and that may be suffered and/or
incurred by the said Transferees, if any of the statement made hereinabove are to be untrue
and/or false.
12. That in case of any breach of declaration contained herein, I on behalf of the Borrower hereby
agree to indemnify RSCIF and keep RSCIF indemnified against all losses, damages, expenses,
costs, charges, actions, suits that may be caused or suffered or incurred by RSCIF in this regard.
I, hereby agree that all the terms, benefits and rights contained in this declaration shall inure for
the benefit of RSCIF, its respective successors and assigns. I am aware that it is on the faith of
this declaration that RSCIF has agreed to provide the credit facilities to the borrower.
13. I/we hereby state that whatever statements made hereinabove are true to my knowledge,
information and behalf and have been made on my own knowledge, information and behalf and
have been made on my own free will and i/we believe the same to be true.
____________________ _________________
SCHEDULE I
S.NO DESCRIPTION OF PROPERTY TITLE DOCUMENTS NAME OF THE

DEPOSITED BORROWER
1
2
3
4
5
6
7
IN WITNESS WHEROF I/we, _____________________________________ have executed these

present the day and year as mentioned below.
1.
(Signature of Mr.______________________________ as___________________ of_____________
____________________________________)
2.
____________________________________)
3.
____________________________________)
4.
____________________________________)
5.
____________________________________)
PLACE:______________
Date:_____________________
(to be notarized)
____________________ _________________

LOAN AGREEMENT

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LOAN AGREEMENT

And___________________________________________________ having Residence / Office / Registered

y) The term “RBI” means Reserve Bank of India

2.3 COMPUTATION OF INTEREST

2.4 PAYMENT OF OTHER EXPENSES

2.5 DETAILS OF DISBURSEMENT

2.6 MODE OF DISBURSEMENT

In the event of any variation in:

2.8 DELAY/ DEFAULT IN PAYMENT

2.10 PROCESSING FEES

2.11 TERMINAL DATE FOR DISBURSEMENT

2.12 ALTERATION AND RE-SCHEDULING OF EMI

2.13 LIABILITY OF THE BORROWER TO BE JOINT AND SEVERAL

2.14 CROSS DEFAULT

d) No Event of Default/ Cross-default shall have occurred.

4.3 CONTINUING SECURITY:

4.4 CROSS LIABILITY:

5.2 NEGATIVE COVENANTS

The Borrower warrants and undertakes to the Lender as under:

The following events shall be considered as “Events of Default”:-

n) If the Borrower/s dies;

a) Information and data relating to the Borrower;

12.3 The Borrower also understands and agrees that:

The Borrower agrees/ confirms as follows:

ii) Description of original title documents

iii) Security i) A first charge by way of hypothecation in

iii) Demand Promissory Note

S.No. Name Constitution Name of Entity Signature and

2. Shri/Smt/Ms. Individual/ Proprietor/ M/s.

MEMORANDUM OF DEPOSIT FOR CREATION OF MORTGAGE

**of ____________________________________ Limited, a company Incorporated under the Companies Act,

**on the _______________ day of ____________ 20___, Mr./Mrs./Ms ____________________ son/wife/daughter of

**on the _______________ day of ____________ 20___, Mr. ____________________ Karta of

**of M/s __________________________________ a body incorporated under the ___________________________

S.NO DESCRIPTION OF PROPERTY TITLE DOCUMENTS NAME OF THE

**on the _______________ day of ____________ 20___, Mr./Mrs./Ms ____________________ son/wife/daughter of

**on the _______________ day of ____________ 20___, Mr. ____________________ Karta of

**of M/s __________________________________ a body incorporated under the ___________________________

S.NO DESCRIPTION OF PROPERTY TITLE DOCUMENTS NAME OF THE

IN WITNESS WHEROF I/we, _____________________________________ have executed these

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