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LOAN DOCUMENTATION
USED / NEW VEHICLE
BORROWER’S NAME
:
AGREEMENT NO.
:
DISBURSEMENT DATE :
VEHICLE NO.
:
BRANCH
:
Indiabulls Financial Services Limited
VEHICLE LOAN-CUM-HYPOTHECATION AGREEMENT
AND
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G.........................
THIS AGREEMENT is made at _______________on this ____________day of ___________20________
(“Agreement”)
Between M/s. INDIABULLS FINANCIAL SERVICES LTD., a company incorporated under the
Companies Act. 1956 having its registered office at F-60, Malhotra Building, 2nd Floor, Connaught Place,
New Delhi- 110001, (hereinafter referred to as the “Lender”) of the FIRST PART;
AND
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______________________________________________________________________________________
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(hereinafter referred to as the “Guarantor(s)”) of the THIRD PART
The expression “Borrower(s)”, “Guarantor(s)” and “Lender” used herein unless repugnant to the context
and meaning thereof shall deem to mean and include its/his/her/their respective heirs, successors, assigns,
legal representatives, executors, administrators, survivors, nominees and representatives-in-interest, as the
case may be.
The heading to the clauses in this Agreement shall be read in conformity to the contents of the clause and/or
Agreement and in case the same is in contradiction to the terms and conditions of the Agreement then the
terms of the Agreement shall have precedence.
The Borrower(s), the Guarantor(s) and the Lender are collectively hereinafter referred to as the “Parties”.
WHEREAS
(a) the Borrower(s) is desirous of purchasing/buying vehicle(s) and/or is the registered owner of the
vehicle(s), more particularly described in the First Schedule annexed hereto and forming part of this
Agreement and has approached the Lender for financing/extending a loan against the security of, inter alia,
such vehicle(s);
(b) the Guarantor(s) has/have offered to stand as a guarantor for the due performance and observance of the
terms and conditions of this Agreement by the Borrower and the Borrower(s) and/or the Guarantor(s) have
represented and undertaken to the Lender that they are having the intention and capacity to repay the loan
amount along with the interest and agreed charges thereon;
B .................................. G ................................... (1)
B.........................
(hereinafter referred to as the “Borrower(s)” ) of the SECOND PART
(c) at the above request of the Borrower(s) and the Guarantor(s) and on the representations and undertakings
made by them, the Lender has agreed to provide/extend the loan to the Borrower(s) upon the terms and
conditions stated hereunder; and
(d) the Borrower(s) has agreed to avail the loan from the Lender on the terms and conditions stated herein
below.
IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES AS UNDER:
A.
BASIC TERMS OF THE LOAN
1.
The Borrower(s) agree(s) to borrow from the Lender and the Lender agrees to grant to the
Borrower(s) a loan upto the amount stated in the First Schedule (“Loan”) on the terms
and conditions contained in this Agreement.
2.
The proposal form and/or the Loan application filled in and executed by the
Borrower(s) and/or Guarantor(s), and the information contained therein is the basis
of this Agreement. The Borrower(s) and/or the Guarantor(s) declare that the
statements made in the same are absolutely true and correct and nothing is false and
no material particulars have been concealed there from. It is by these statements that
the Borrower(s) and the Guarantor(s) have induced the Lender to enter into this
Agreement.
3.
The Loan disbursed/to be disbursed to the Borrower(s) under this Agreement shall be
utilized for or in connection with financing the purchase of vehicle(s) which is/are
mentioned in the First Schedule.
4.
The Borrower(s) has/have agreed that the Loan amount shall disbursed be in the following
manner:-
i.
ii.
iii.
5.
In the case of purchase of new vehicle(s), the Loan amount shall be
disbursed by the Lender directly to the dealer/manufacturer and such
disbursements shall be deemed to be disbursement to the Borrowers(s);
and/or
In the case of purchase of used vehicle(s), the Loan amount shall be
disbursed by the Lender directly to the owner/seller and such
disbursements shall be deemed to be disbursement to the Borrower(s);
and/or
In case of used vehicle(s) already purchased/owned by the
Borrower(s), the Loan amount shall be disbursed by the Lender
directly to the Borrower(s) or to any other person(s) authorized by
the Borrower(s) for and on behalf of the Borrower(s).
The Borrower(s) shall be liable to pay interest on the Loan amount from the date of the
disbursement of the Loan or any part thereof, whichever is earlier, at the rate of interest as
specified in the First Schedule (subject to the Lender's right to revise the interest rate from
time to time and such revision in interest rate(s) shall be binding on the Borrower(s) and the
Guarantor(s)) with monthly/ quarterly rests or as agreed in the First Schedule. The payment
of interest and repayment of the Loan by way of monthly/quarterly installment shall
commence from the date as specified in Payment/Repayment Schedule mentioned in the
B .................................. G ...................................
(2)
Second Schedule hereunder. The Borrower(s) undertakes to pay the installments on due
date(s) as mentioned in the Payment/Repayment Schedule. Notwithstanding anything to the
contrary, the Lender shall be entitled to revise the Payment/Repayment Schedule at any time
or from time to time due to any reason(s) whatsoever including due to change in interest
rate(s), prepayment/foreclosure of the Loan (or part thereof) by the Borrower(s), default by
the Borrower(s) and/or the Guarantor(s) of the terms of the Loan Documents (including this
Agreement) and such revised Payment/Repayment Schedule shall be binding on the
Borrower(s) and the Guarantor(s), unless otherwise informed in writing by the Lender.
6.
Prior to receiving/disbursement of the Loan, the Borrower(s) will provide the Lender with
documents evidencing his/its own contribution towards payment for buying the vehicle(s) if
any.
B.
MODE OF PAYMENT:1.
That the Borrower(s) agrees to repay the said Loan, together with interest thereon in
monthly/quarterly installments, as specified in the Payment/Repayment Schedule in
the Second Schedule hereunder or as specified by the Lender in any revised
Payment/Repayment Schedule, (time being the essence of this Agreement). The
Borrower(s) and the Guarantor(s) agree that the Lender at its sole discretion without
any reference from the Borrower(s) may adjust the amount of advance installments
against any amount due and payable by the Borrower(s) to the Lender. The
Borrower(s) shall not be entitled to any interest on this amount.
2.
The Borrower(s) and the Guarantors(s) confirm having perused, understood
and agreed to Lender's method of calculating the installments. The and the
Guarantors(s) further confirm that they have understood the interest and
other charges payable by them in the present Loan transaction and/or under
this Agreement and have understood the calculation of the installments The
Lender reserves its rights to alter, amend, increase and/or vary from time to
time the rate(s) of interest or any other charges, and shall notify the
Borrower(s) of the revised rate(s) of interest or any other charges under this
Agreement and the same shall be final and binding on the Borrower(s) and
the Guarantor(s). The Lender shall be entitled to re compute the
installments, if the Lender varies the interest rates and/or any other charges.
The payment of the installments shall commence and continue as per the
Payment/Repayment Schedule mentioned in Second Schedule (or as per any
revised Payment/Repayment Schedule, if any), irrespective of the nondelivery /delayed-delivery of the vehicle(s). Any dispute or difference,
whatsoever, and/or the no/improper functioning of the vehicle(s) or any the
vehicles, as the case may be, shall not entitle the Borrower(s) to withhold
and/or delay payment of any installments or any other amount payable under
this Agreement. The installments are payable by the Borrower(s) to the
Lender at New Delhi, at the address of the Lender mentioned in this
Agreement or to its order.
That the Borrower(s) has delivered/shall deliver to the Lender post
dated/undated cheques and/or E.C.S. drawn on an acceptable Bank for the
installments and the Borrower(s) warrants that the cheques (which
term/expression shall wherever the context so requires be deemed to include
E.C.S. and Standing Instructions) will be honored on first presentation, any
non-presentation of the cheque due to any reason will not affect the liability
of the Borrower(s) to pay the installments or other sum and the Borrower(s)
shall not take any defense with respect to the demand not being made because
of non-presentation of cheques/ECS. The Borrower(s) shall ensure that
3.
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(3)
4.
5.
6.
7.
8.
adequate balance is available in the bank account from which the
cheques/post dated/undated cheques have been issued. The Borrower(s) and
the Guarantor(s) agree that no notice shall be required to be given by the
Lender prior to the presentation of any of the cheques issued by any of the
Borrower(s) and /or the Guarantor(s) including but not limited to the post
dated/undated cheques and insurance premium cheques issued by the
Borrower(s) and/or the Guarantor(s). It is further expressly agreed that the
Borrower and/ or the Guarantor/s shall at no time close the bank account from
which the cheques/post dated/undated cheques have been issued or issue any
communication to the Lender or the issuance bank upon which such
cheque/undated/postdated cheques have been drawn either for stopping or
postponing the presentation of the cheques/post dated/undated cheques or
stopping or postponing the payment/clearance of such cheques/undated
/postdated cheques for any reason whatsoever then, in that case any such
communication issued by the Borrower(s) and/or the Guarantor(s) the same
shall be automatically be deemed to be null and void and the Lender shall not be
liable to take notice of any such communication. The Borrower(s) agree/s to replace
the cheques/issue fresh cheques, if required by the Lender. The Borrower(s) with the
prior written permission of the Lender may also issue written instructions (Standing
Instructions) to its bank, where it maintains its account, for paying every month an
amount equal to the installments, in favour of the Lender for repayment of the Loan.
That any non-presentation of the cheques due to any reason whatsoever will not
effect the liability of the Borrower(s) and/or the Guarantor(s) to pay any installment
and/or any other sum/amount payable under the present Agreement.
That the Lender in its sole and absolute discretion may, on the request of the
Borrower(s) and the Guarantor(s), waive the requirement of Post Dated Cheques at
the time of inception of this Agreement, the Borrower(s) and the Guarantor(s) shall
ensure that the installments or all other dues payable under the present Agreement are
paid in time to the Lender at Delhi. The Borrower(s) and the Guarantor(s) further
undertake that if they default/delay in the payment of any amount (including the
installment(s)) then they shall be liable to pay to the Lender collection charges as are
specified in the First Schedule, along with the delayed payment charges. That the
Lender may at any stage/time in its sole and absolute discretion may require the
Borrower and the Guarantor(s) to furnish post dated/undated cheques.
That in case any of the cheques(s) issued by the Borrower(s) and/or Guarantor(s) in
favour of the Lender, is dishonored for any reason whatsoever, then without
prejudice to the Lender's other rights (including those under Chapter XVII of the
Negotiable Instruments Act, 1881) for every cheques which is dishonored the
Borrower(s) shall be liable to pay to the Lender, a sum towards cheque dishonor
charges as specified in the First Schedule, as the Lender's charge for dishonor of the
cheque on its first presentation and a further sum of an equal amount on every
occasion when the cheque is dishonored on its second or subsequent presentation.
That the Borrower(s) shall also be liable to pay certain charges as mentioned in the
First Schedule for the representation of the dishonored cheque on each occasion
towards pre-determined liquidated damages.
That in case of dishonor of any cheque(s) given by the Borrower(s) and/or
Guarantor(s) to the Lender, the Borrower(s) and/or Guarantor(s) waives/dispenses
with the notice of dishonor of the cheque(s) by the Lender on the Borrower(s) and/or
the Guarantor(s).
C. THE BORROWER(S) HEREBY AGREES, UNDERTAKES AND WARRANTS AS UNDER:-
1.
That the Borrower(s) shall punctually and regularly pay to the Lender all the sums
B .................................. G ...................................
(4)
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
due under this Agreement within the stipulated period without any previous demand
or notice by the Lender at its office at Delhi.
That notwithstanding anything stated herein the Lender may, in its absolute
discretion and without assigning any reason, not disburse the Loan or any part
thereof, and the Lender shall not be responsible or liable for any cost, loss,
damage(s), expenses or other consequences and/or consequential loss/loss of profit
caused by reason of such non-disbursement.
That the Lender may, as mentioned hereinabove, vary the interest rate from time to
time. Further such variation(s) would be effected by giving a notice in respect of the
same to the Borrower(s) and would be binding upon the Borrower(s) and the
Guarantor(s).
That the Borrower(s) shall be exclusively responsible for getting the delivery of the
vehicle(s) from the manufacturer(s)/dealer(s)/seller(s), as the case may be and the
Lender shall not be liable for any delay, in delivery or non-delivery of the vehicle(s),
delay in the disbursement of the Loan and/or any demurrage cost or the
quality/condition/fitness of the vehicle(s).
That the Borrower(s) undertakes to furnish the details of the vehicle(s) to the Lender
in the format specified by the Lender, within 3 days of receipt of the Registration
number of the vehicle(s) from the Road Transport Authority.
That the vehicle(s) being/shall belong to the Borrower(s) solely and absolutely and
is/are/shall be free from any and all charges and encumbrances save and except that
are created hereunder in favour of the Lender.
That until the complete outstanding of the Borrower(s) have been completely paid in
full to the entire satisfaction of the Lender, the Borrower(s) shall duly use, operate
and keep the vehicle(s) in sound working and repair condition under the Borrower(s)
own possession and control and shall not enter into any agreement or arrangement
with any person, body or authority for the use or disposal of the vehicle(s) and shall
not hypothecate, mortgage, pledge, charge, encumber, sell, assign, transfer, hire, letout or part with possession of the vehicle(s) in any manner. Any such direct or
indirect agreement or arrangement, charge, encumbrance, transfer or parting with the
possession of the vehicle(s), would be deemed to be a criminal breach of trust and a
case of cheating and without prejudice to the other right of the Lender, the Lender
shall be entitled to initiate appropriate criminal proceeding against the Borrower(s)
and/or the Guarantor(s).
That so long as money remain due under this Agreement, the Borrower(s) shall not
without the previous written consent of the Lender, remove or cause or permit to be
removed the vehicle(s) out of the local limits of the State in which the vehicle(s)
is/are registered and shall not operate the vehicle(s) without the necessary
permission(s)/permit(s) etc.
That the Borrower(s) shall not engage any person other than authorized mechanics of
the manufacturer or dealer to affect the repairs, if any, to the said vehicle(s).
That the Borrower(s) shall not change the Registration Number/ Registered address
without the Lender's previous consent in writing. The Borrower(s) hereby expressly
agrees that if the Borrower(s) is required to remove the vehicle(s) from the address
stated herein, the Borrower(s) must give prior notice in writing to the Lender of such
intention.
That the Borrower(s) shall not use the vehicle(s) for any improper or illegal or
unlawful activities or adapt, or alter the vehicle(s) for any act which is improper or
illegal or unlawful.
That the Borrower(s) shall utilize the vehicle(s) only for the purpose specifically
mentioned in the First Schedule.
That the Borrower(s) shall pay all fees and taxes (by whatever names called
B .................................. G ...................................
(5)
14.
15.
16.
17.
in different states), including Road Tax, Goods Tax, Passenger Tax and/or
any other tax in respect of the hypothecated vehicle(s) as and when the same become
due and payable. That in case any such payment is made by the Lender then the
Borrower(s) shall reimburse to the Lender all such payments made by the Lender.
The Borrower(s) further undertakes to clear all arrears of taxes, fees and fines if any,
that may be due and found payable on repossession of the said vehicle(s). The
Borrower(s) undertakes to indemnify and keep the Lender indemnified against any
claim in respect of such taxes, fees, fines and other dues of any kind levied by any
Registering Authority, Taxation Officer, Excise Department or any other authority,
whatsoever. The Lender shall have no liability to any of the aforementioned taxes,
fines to any authority claiming the same against the hypothecated vehicle(s) in any
manner whatsoever.
That the Borrower(s) shall at all times allow the Lender or the authorized agent of the
Lender to inspect, view and examine the state and condition of the vehicle(s) and the
documents relating thereto and/or to produce the same for inspection to the Lender or
its representative at a place designated by the Lender at the cost of the Borrower(s).
That the Borrower(s) shall not be entitled to, and shall not take a plea that as on the
date of this Agreement the exact details of the vehicle(s) were not available and/or
that the vehicle(s) had not been purchased by or delivered to the Borrower(s) and the
Parties hereto agree that without prejudice to what is stated in this Agreement and the
hypothecation created hereunder, shall in any event attach and apply to the vehicle(s)
forthwith, upon the vehicle(s) being purchased and/or delivered and/or upon full
details thereof becoming available.
The Borrower shall comply with all laws, rules and regulations (statutory or
otherwise) relating to the vehicle(s) and its use and to obtain and keep effective at all
times, all necessary insurance, licenses, permissions, permits, approvals and
consents for the storage, use and operation of the vehicle(s).
The Borrower(s) and/or the Guarantor(s) agree and confirm that the Lender may at its
absolute discretion appropriate any payments made by the Borrower(s) and/or the
Guarantor(s) under this Agreement towards another agreement or transaction
entered into by the Borrower(s) and/or the Guarantor(s) and towards any other
indebtedness of the Borrower(s) and/or the Guarantor(s) and such appropriation
shall be final and binding upon the Borrower(s) and the Guarantor(s) who shall
continue to remain indebted to the Lender for payment of dues under this Agreement
in respect of which such sums of money were so paid but were appropriated towards
another agreement or transaction entered into by the Borrower(s) or the Guarantor(s)
or towards another indebtedness of the Borrower(s) and the Guarantor(s). In addition
notwithstanding the repayment of all dues under this Agreement, the Borrower(s)
and the Guarantor(s) hereby expressly give the Lender the power to take possession
of/sell/transfer or otherwise dispose of any and all security created in favour of the
Lender under this Agreement or any other agreements entered into and between the
Borrower(s), and/or the Guarantor(s) and any of the associate/ affiliate or group
company of the Lender or any other security documents deposited with the Lender or
under the possession or control of the Lender and appropriate the same towards
satisfaction of amounts due to the Lender on account of another agreement or
transaction entered into by the Borrower(s) and/or the Guarantor(s) or on account of
the indebtedness of the Borrower(s) and/or the Guarantor(s). The provision of this
Agreement and any security document executed pursuant to this Agreement shall
apply mutandis to the manner of disposal of security and appropriation under this
article.
Any default by the Borrower(s) and/or the Guarantor(s) in discharging its/their
liability and/or fulfillment of its/their obligations under any other agreement with the
B .................................. G ...................................
(6)
18.
19.
20.
21.
22.
23.
24.
25.
Lender, shall be deemed to be a default under this Agreement and vice versa and the
Lender shall be entitled to exercise any or all right under this Agreement. The
Borrower(s) and the Guarantor(s) expressly acknowledge the right of the Lender to
recall this Loan facility in the event of the default in respect of other facilities
obtained/may be obtained by the Borrower(s) and/or the Guarantor(s). Any default
on the part of the Borrower(s) and/or the Guarantor(s) in the repayment of any single
facility shall entitle the Lender in its discretion to terminate all or any agreement(s)
without any further notice thereof recalling the facility/or all facilities. The dues and
outstandings thereto shall become due and payable forthwith.
The Borrower(s) and the Guarantor(s) agree to enter into this Loan Agreement on the
condition that they agree to the right of the Lender to set off the amount lying in fixed
deposit/security deposit (if any) with the Lender or in possession of the Lender
(under any other account head), for the recovery of its dues.
That in case the Borrower is a partnership firm, then it shall promptly notify the
Lender of any and every change in the constitution of its partnership whether on
account of the admission of a new partner or the retirement, death or insolvency of
any partner and shall not take any steps for dissolution of its partnership at any time
during the terms of this Agreement without the consent of the Lender.
That in case the Borrower is a company, then it shall promptly inform the Lender if it
intends to make a reference or application to the Board of Financial Reconstruction
(BIFR) for being declared as a “sick company” under the Sick Industrial Companies
(Special Provisions) Act, 1985.
That the Borrower(s) shall pay the increased amount required for acquiring the
vehicle(s) at the revised price if the price of the vehicle(s) is/are revised upwards after
the date of signing of this Agreement. The Lender shall not be liable to pay any
amount by way of loan or otherwise for such revision in price of the vehicle(s). That
in case the Borrower(s) fails to pay such increased amount within 15 days of the
revision of the price of the vehicle(s) then the Lender shall in its sole and absolute
discretion be entitled to cancel, annul, rescind the booking of the vehicle(s) and
collect the booking amount. The Borrower(s) hereby irrevocably appoint and
authorize the Lender to cancel the booking and collect the booking amount on
its/their behalf.
That all the Borrower(s) and the Guarantor(s) shall be jointly and severally liable
even if the vehicle(s) may be registered in the name of one of the Borrower(s) only.
That the Borrower(s) shall not be entitled to withhold the payment of stipulated
installments as set out in Schedule on the pretext that all/any of the documents
required for running the vehicle(s) have not yet been obtained by him or for any other
ground whatsoever.
That the Borrower(s) shall immediately within a maximum of 24 hours inform the
Lender if the vehicle(s) is/are stolen, burnt, damaged or any distress or other
proceeding is initiated against the vehicle(s).
That the Borrower(s) shall inform the Lender of any loss, destruction or
misplacement of all/any of the documents required for running the vehicle(s) like
Registration Certificate(s), Insurance Policy/Policies, Permit(s), Fitness
Certificate(s) etc. within three working days of such loss, destruction or
misplacement.
That the Borrower and/or the Guarantor(s) shall, in the incident of theft of the
vehicle(s), while it will also be necessary to make an Complaint/FIR/Intimation to
the police or to the Insurance Company as the case may be, for recovery/claim,
whether made by the Borrower(s) or the Guarantor(s) or their associate or the driver
of the vehicle(s) or any of their authorized representative on the behalf of the
Borrower(s) and/or the Guarantor(s), whether with of without their knowledge, also
B .................................. G ................................... (7)
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
give an information in writing to this effect to the Lender either by Registered AD
Post within 24 hours of making of the said complain/FIR/Information to the police.
The Borrower(s) and/or the Guarantor(s) shall also personally deliver a copy of the
same to the Lender and have the same duly acknowledged/received by the Lender.
That the Borrower(s) undertakes that in the instance of the theft of the said vehicle(s)
or if the said vehicle(s) is/are found missing or it having taken away or reported to
have been taken away by some unknown people, the Borrower(s) shall without any
delay first approach the Lender at the earliest to take confirmation whether or not the
said vehicle(s) is/are repossessed by them and only in absence of any confirmation or
intimation of repossession from them, the Borrower(s) shall, if needed, lodge a
complaint/FIR/ with the police for the theft of the said vehicle(s).
That the Borrower(s) undertake and confirm that due to the ignorance if a
complaint/FIR for theft of the vehicle(s) is/are filed with the police by the
Borrower(s) or by his agents/associates or driver of the vehicle(s), it shall intimate to
the Lender in writing within 24 hours of filing of such Complaints/FIR. In case the
Borrower(s) get a confirmation from the Lender that the said vehicle(s) has/have
been repossessed by them, the Borrower shall without any further delay withdraw the
complaint/FIR of theft and no criminal action shall be initiated by Borrower(s)
and/or the Guarantor(s).
That the Borrower(s) and/or the Guarantor(s) undertake to give an irrevocable power
of attorney in favour of the Lender in the form and manner as the Lender may require.
That the Borrower and/or the Guarantor(s) agrees to do all such things and execute all
such writings as the Lender may require from time to time, for duly or more perfectly
securing the repayment of the Loan and the hypothecation of the vehicle(s).
That the Lender shall have a paramount charge, lien and right of set-off on all monies,
securities, deposits and other assets and properties belonging to the Borrower(s)
and/or the Guarantor(s) or standing to the Borrower(s) and/or the Guarantor(s) or
standing to the Borrower(s) and/or the Guarantor(s) credit (whether singly or jointly
with any other person/s) with the Lender or any of its group companies. In this
regard, the Borrower(s) irrevocably authorizes the Lender to intimate such
companies with whom the Borrower(s) and/or the Guarantor's has/have an account
to adjust the amount lying to the credit of the Borrower's and/or the Guarantor's
account with the companies against all the dues payable by the Borrower(s) and/or
Guarantor(s) by exercising the right to set-off. In this regard, any discharge given by
the Lender to such companies shall be valid and binding upon the Borrower(s) and
the Guarantor(s).
That the statement of account furnished by the Lender shall be accepted by and be
binding on the Borrower(s) and the Guarantor(s) and shall be conclusive proof of the
correctness of the amounts mentioned therein: save and except errors manifest.
The Borrower(s) shall pay to the Lender, the sum specified in the First Schedule as
non-refundable service charges, which are agreed to be towards pre-computed
expenses that are/may, be incurred by the Lender, towards the sanction of the Loan
Application of the Borrower(s).
The Borrower(s) shall affix plates or making on the vehicle(s), indicating the factum
of hypothecation of the vehicle(s) in favour of the Lender.
Without prejudice to the other rights of the Lender, if the Borrower(s) defaults in
making any payment to the Lender, the Borrower(s) shall be liable to pay delayed
payment charges at the rate specified in the First Schedule on the entire amount
outstanding from the date of default till the date of payment of the entire outstanding
amount.
The Borrower(s) shall indemnify, absolutely, unconditionally and at all times keep
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(8)
36.
37.
indemnified saved, defended and harmless the Lender against all claims,d e m a n d s ,
rights, action, proceedings of whatsoever kind or nature made, taken, taken by any
person or party and against all and any losses, damages, costs, charges, expenses and
liability of any kind or nature whatsoever which the Lender may suffer , sustain,
incur, or be exposed to in respect of or relating to the hypothecated vehicle(s).
That if the Lender shall take possession of hypothecated vehicle(s), the Lender shall
not be responsible, notwithstanding anything to the contrary contained in Section151
of the Indian Contract Act, for any loss or deterioration of or damage to the
hypothecated vehicle(s) whether by theft, fire, rain, flood, earthquake, lightning,
accident or any other cause whatsoever.
That the Borrower(s) further undertake that until the whole Loan amount along with
the interest, additional interest, default interest, costs, expenses and other stipulated
charges whatsoever payable by the Borrower to the Lender under this Agreement are
paid/repaid to the Lender for its satisfaction, the Borrower(s) shall not apply or take
any finance/loan on or against the vehicle(s) financed as specified in the First
Schedule from any other branch office of the Lender or from any other outside
financial Institution without the prior written consent/permission of the Lender and
any of such act shall be a evident act of cheating and misappropriation of the asset.
D. INSURANCE
1.
2.
3.
4.
The Borrower(s) shall insure and keep the vehicle(s) insured at its/his own cost in the
joint names of the Borrower(s) and the Lender, and the name of Lender shall be
shown as the Loss Payee. The Borrower(s) shall insure the vehicle(s) covering
comprehensive risk including strikes, riots, civil commotions, additional risks like
floods and such wider liability to which the vehicle(s) is/are normally exposed and
unlimited third party liability risks during the operation of this Agreement and
handover the insurance policy/policies and receipts for payment of premium to the
Lender, failing which, the Lender may (but shall not be bound to) get the vehicle(s)
insured and the Borrower(s) shall forthwith reimburse the premium charges thereof
to the Lender on demand and till such time the Borrower(s) shall be liable to pay
interest thereon at the rate of interest as applicable to the Loan and the said amount
will be charged on the hypothecated vehicle(s) till repayment. The first claim of any
insurance proceedings shall be that of the Lender. The Borrower(s) irrevocably
authorizes the Lender to act at risk and cost of the Borrower(s) risk and on behalf of
the Borrower(s) the Lender shall be entitled to take all necessary steps, actions and
proceedings and compromise any claim as the Lender deems fit to safeguard its
interest and receive the claim proceeds of the insurance policy/policies. The
Borrower(s) shall not be entitled to raise any claim against the Lender in case the
Lender chooses not to take any action. The Borrower(s) shall comply with all
directions of the Lender with respect to the insurance policy/policies, its renewal and
proceed as may be stipulated by the Lender, from time to time.
Notwithstanding anything contained hereinabove the Lender shall have the option to
get the vehicle(s) insured at the cost of the Borrower(s). In the event of the Lender
exercising such an option, the Lender may intimate the Borrower(s) in advance. The
Lender shall at its sole discretion appropriate the insurance claim proceeds.
In case of total loss to the vehicle(s) if the amount settled by the insurance company is
less than the amount due and payable by the Borrower(s) under the Agreement, the
Borrower(s) hereby undertakes to immediately pay to the Lender the balance
outstanding amount.
The Borrower(s) shall not use the vehicle(s) for any purpose not permitted by the
terms and conditions of the insurance policy/policies and shall not do or permit to be
done any act or thing which might render the insurance invalid.
B .................................. G ...................................
(9)
5.
6.
The Borrower(s) shall inform the Lender in writing, of any damage to or theft of the
vehicle(s) lodging of any claim with the insurance company in respect of the
vehicle(s), within 24 hours of such damage or lodgment of claim. The Borrower(s) at
his/her/its cost and without undue delay carry out repairs to the vehicle(s) occasioned
by any accident and shall produce bills, receipts and any other document required for
the settlement of the insurance claim by the insurance company.
The Borrower(s) irrevocably authorizes the Lender to act at the Borrower(s) risk and
cost and on the Borrower(s) behalf and take all necessary steps, actions and
proceedings and settle any claim as the Lender may deem fit to safeguard its interest
and receive the claim proceeds of the insurance policy/policies. The Borrower(s)
agrees that it will be bound by any settlements the Lender may make with the
insurance company regarding any claim and that the Lender will in no way be
answerable to the Borrower(s) in respect of the said settlements.
E. SECURITY
1.
2.
3.
4.
5.
6.
7.
As security for the due payment and discharge by the Borrower(s) of all or any sum
which are or at any time may become payable by the Borrower(s) to the Lender, the
Borrower(s) hereby hypothecate/agrees to hypothecate the vehicle(s) as mentioned
in the First Schedule annexed hereto or addendum attached thereto, in favour of the
Lender, together with all accessories and additions to or in the vehicle(s), whether
present or future, by way of first and exclusive charge.
The Borrower(s) agrees and undertakes to have the vehicle(s) registered with the
appropriate Registering Authority, with an endorsement in favour of the Lender (as
provided for in the Motor Vehicle Act, 1988 or any statutory amendment thereof) so
as to clearly express that the vehicle(s) is/are hypothecated to the Lender and to
submit a copy of the Registration Certificate(s) to the Lender.
The Borrower(s) undertake to get the endorsement of the Lender made on the
Registration Certificate(s) within a period of 30 (thirty) days from the date of
delivery of the vehicle(s) to confirm and record the fact that the Borrower(s) has
hypothecated the vehicle(s) in favour of Lender as per the provision of this
Agreement. The Parties hereto agree that the said endorsement on the Registration
Certificate(s) shall operate as conclusive evidence of such hypothecation.
Provided further that a default by the Borrower(s) to get the Registration
Certificate(s) endorsed with the name of the Lender shall not be deemed to be or
construed as an absence/shortcoming of/in the Borrower(s) agreement of
hypothecation of the vehicle(s) in favour of the Lender as mentioned above. The said
hypothecation shall be by way of first and exclusive charge against the Lender's dues
and charges.
The hypothecation shall be deeming to be first and exclusive charge in favour of the
Lender to secure its dues.
The hypothecation of the vehicle(s) shall deem to take place immediately on signing
of this Agreement or delivery of the vehicle(s) whichever is earlier.
During the subsistence of these presents, the Borrower(s) will not create without
prior written consent of the Lender, any other debt nor any mortgage, pledge,
hypothecation, charge, lien or encumbrance upon or in respect of the hypothecated
vehicle(s) or any part thereof in any manner whatsoever in favour of any person, firm
or company or bank. Nor will the Borrower(s) and/or the Guarantor(s) create or
allow to be created any lien and/or charge etc. upon the said vehicle(s) whether for
the repairs, supply of fuel, lubricants, tyres and tubes, space parts or for body
building or otherwise. The Borrower(s) and the Guarantor(s)
shall not enter into any partnership or profit sharing arrangements with any party and
B .................................. G ...................................
(10)
8.
9.
10.
11.
12.
13.
14.
The details of the used vehicle(s), being purchased or already purchased, against
which Loan is being taken is/are given in the First Schedule of this Agreement and
the Borrower(s) and the Guarantor(s) confirm that the vehicle(s) carry/ies no prior
lien or charge whatsoever.
The Borrower(s) will not part with possession, give on hire, lease, lease leave and
license or conducting arrangement or otherwise deal with the hypothecated
vehicle(s) or any part thereof and will not permit, suffer to be done any act, deed,
matter or thing which may adversely affect or in any way prejudice the security of the
Lender.
The Borrower(s) and the Guarantor(s) shall execute a Demand Promissory Note in
favour of the Lender for the amount of the Loan and the interest as specified in the
First Schedule along with all other documents that the Lender may require from time
to time.
The Borrower(s) and Guarantor(s) agrees that the Lender shall have an irrevocable
and over-riding lien on any monies assets and securities which come into the
possession of the Lender and/or its group companies and/or its subsidiaries and/or
affiliates etc., in any manner whatsoever, against the amount payable by the
Borrower and/or the Guarantor to the Lender and the Lender shall be entitled to setoff and appropriate such monies/amounts, assets and securities in any manner it may
deem appropriate, in its sole and absolute discretion by giving a notice to the
Borrower in respect of the same. The Borrower and/or the Guarantor(s) understand
and agree that they would be/are stopped form raising the plea that such monies,
assets and securities that came into the possession/custody of the Lender, are
pursuant to a transaction that is extrinsic to the present Agreement/Loan.
The Borrower(s) also hereby creates an exclusive charge/lien/ hypothecation/
mortgage in favour of the Lender on the assets of the Borrower(s) mentioned in the
Third and Fourth Schedule hereunder to secure all obligations of the Borrower(s)
and/or the Guarantor(s) under this Agreement.
The Lender shall be entitled to request for additional security under this Agreement
from time to time and the Borrower(s) undertakes to forthwith provide such
additional security in favour of the Lender under this Agreement.
The provisions relating to vehicle(s) hypothecated in favour of the Lender under this
Agreement, to the extent possible or applicable, will also apply to the security
provided / to be provided in favour of the Lender under clause E 12 and/or clause E 13
above. If required or if so requested by the Lender, the Borrower(s) shall execute all
such documents and get the same registered and do all such acts (to the satisfaction of
the Lender) in relation to or in connection with such security in favour of the Lender.
F. PREPAYMENT/FORECLOSURE OF THE LOAN
The Borrower(s) and/or the Guarantor(s) shall not be entitled to prepay/foreclose the Loan or any part thereof,
prior to the due date of payment/repayment, without the prior permission/approval of the Lender. The Lender
will be entitled to levy a prepayment/foreclosure charge at the rate stipulated in the First Schedule on the
amount so prepaid/foreclosed (irrespective of the fact whether the pre-payment is in part or in full).
Prepayment/foreclosure will be the principal amount alongwith all the outstanding amounts due and payable
as at the end of the month in which the prepayment is made. The Lender at its sole discretion may permit
and/or require swap of the post-dated cheques in case of any prepayment/foreclosure. However, no
prepayment/foreclosure shall take place within ____ months of the commencement of the
B .................................. G ...................................
(11)
B .................................. G ...................................
receive from such party any consideration in money, kind or services. Without prejudice any
such arrangements shall not be valid and binding against the Lender. Any such direct or
indirect agreement or arrangement, charges, encumbrance, transfer or parting with
possession of the vehicle(s) would be deed to be Criminal Breach of Trust and a case of
cheating, without prejudice to the other rights of the Lender, the Lender shall be entitled to
initiate criminal proceedings against the Borrower(s) and /or the Guarantor(s).
EMI's/installments. The Lender shall at its sole and absolute discretion be entitled to fix the minimum
amount, which can be prepaid/foreclosed by the Borrower(s) and/or the Guarantor(s).
G. EVENTS OF DEFAULT.
1
Each of the events or circumstances set out herein is an “Event of Default”.
1.1
Non-payment
The Borrower(s) and/or the Guarantor (s) do not pay by the due date(s) the Loan (or part thereof)
and/or any amount payable pursuant to this Agreement.
1.2
Unlawful Purpose
The Borrower(s) and/or the Guarantor (s) apply and/or utilize the Loan for any purpose which is
considered and/or deemed to be unlawful, illegal or contravene the provisions of any applicable
laws, rules and regulations.
1.3
Other obligations
The Borrower(s) and/or the Guarantor(s) or any affiliate / associate commit or threaten to commit a
breach/default of any provision(s) of this Agreement (other than those referred to in Clause relating
to Non-payment) unless, if capable of remedy, such breach/default is remedied within three (03)
business days of the Lender giving written notice to the Borrower and/or the Guarantor(s).
1.4
Misrepresentation
Any representation or statement made or repeated by the Borrower and/or the Guarantor(s) or any
affiliate / associate in the Loan application this Agreement or any other document delivered by or on
behalf of the Borrower and/or the Guarantor(s) or any Affiliate / associate under or in connection
with this Agreement is incorrect or misleading in any material respect when made or repeated.
Further, if there is any suppression of facts by the Borrower and/or the Guarantor(s) in the Loan
application, this Agreement or any other document delivered by or on behalf of the Borrower and/or
the Guarantor(s) under or in connection with this Agreement.
1.5
Unlawfulness
It is or becomes unlawful for Borrower(s) and/or the Guarantor(s) to perform any of its/their
obligations under this Agreement.
1.6
Repudiation
The Borrower(s) and/or the Guarantor(s) repudiates this Agreement or in the opinion of the Lender,
the Borrower and/or the Guarantor(s) have an intention to repudiate this Agreement.
1.7
Government Intervention
By or under the authority/order of any government/court or otherwise:
1.7.1 the management of the Borrower(s) and/or the Guarantor(s) is wholly or partially displaced or
the authority of the Borrower and/or the Guarantor(s) in the conduct of its business is wholly or
partially curtailed; or
B .................................. G ...................................
(12)
1.7.2 all or a majority of the issued shares of the Borrower(s) and/or the Guarantor(s) or the whole or
any part of its/their revenues or assets is seized, nationalized, expropriated or compulsorily acquired;
or
1.7.3 If any attachment, distress, execution or other process against the Borrower(s) and/or the
Guarantor(s), or any of its properties is enforced or levied upon;
1.8
Material adverse change
Any event or circumstance occurs which the Lender believes is likely to have a Material Adverse
Effect or if any circumstance or event occurs which in the opinion of Lender, would or is likely to
prejudicially or adversely affect in any manner, the ability/ capacity of the Borrower and the
Guarantor(s) to perform or comply with its/their obligations hereunder and/or to pay/repay the Loan;
1.9
Others
(a)
If there is a failure in business, commission of an act of bankruptcy, general assignment for the
benefit of creditors, if the Borrower(s) and/or the Guarantor(s) suspend payment to any creditors or
threatens to do so, any petition in bankruptcy of by, or against the Borrower(s) and/or the
Guarantor(s) is filed or any petition for winding up of the Borrower(s) and/or the Guarantor(s) is
filed and not withdrawn within 30 days of being admitted;
(b)
If the Borrower(s) and/or the Guarantor(s) is/are unable to pay its/their debts (whether within the
meaning of Section 434 of the Companies Act, 1956 (1 of 1956) or otherwise) or if a receiver or
liquidator is appointed in respect of the whole or any part of the property /assets of the Borrower(s)
and/or the Guarantor(s) or the Borrower(s) and/or the Guarantor(s) carries out amalgamation,
merger, demerger and/or reconstruction, except with prior written approval of Lender;
(c)
If the Borrower(s) and/or the Guarantor(s) ceases or threatens to cease or carry on its/their business;
(d)
If the Borrower(s), the Guarantor(s), without prior written consent of Lender, attempts or purports to
create any charge, mortgage, pledge, hypothecation, lien or other encumbrance over the security or
any part thereof, except for securing any other obligations of the Borrower(s), the Guarantor(s), (if
any) to the Lender;
If any circumstance or event occurs which is prejudicial to or impairs or imperils or is likely to
prejudice, impair, imperil, or any other security given by the Borrower(s) and/or the Guarantor(s) or
any part thereof;
(e)
(f)
If any substantial change in the constitution or management or majority of Directors/ partners or any
significant change in the Borrower(s) and/or the Guarantor(s) shareholding pattern/ profit sharing
occurs without previous written consent of Lender or the management ceases to enjoy the
confidence of Lender; or
(g)
If any of the foregoing events occur in relation to any third party which now or hereafter has
guaranteed or provided security for or given any indemnity in respect of any money obligation or
liability hereby secured or such third party if individual shall commit an act of bankruptcy or die or
become incompetent to contract.
(h)
If there is any deterioration or impairment of the security, if any, or any part thereof or any decline or
depreciation in the value or market price thereof (whether actual or reasonably anticipated), which
causes the security created in favour of Lender, in the judgment of Lender to become unsatisfactory
as to character or value and the Borrower(s) fails to provide additional security as required by the
Lender.
B .................................. G ...................................
(13)
(i)
If it is certified by a firm of accountants appointed by Lender (which Lender is entitled and hereby
authorised to so appoint at any time) that the liabilities of the Borrower(s) and/or the Guarantor(s)
exceed the Borrower(s)' and/or the Guarantor(s)' assets or that the Borrower(s) and/or the
Guarantor(s) is/are carrying on its/their business at a loss.
2
Consequence of an Event of Default
On and at any time after the occurrence of an Event of Default, Lender may, by notice to the
Borrower(s) and/or the Guarantor(s):
(i)
(ii)
(iii)
3
cancel/recall the Loan whereupon the outstanding Loan along with interest,
additional interest, delayed interest, costs, charges and expenses shall become
immediately repayable/payable by the Borrower(s) and/or the Guarantor(s);
and/or
exercise any or all of its rights, remedies and powers under this Agreement; and/or
enforce, sell, invoke, deliver, deal with, take possession, convey, transfer, assign, lease,
encumber and/ or dispose off in any manner, any or all of the /security, guarantee(s) and
demand promissory notes in any manner whatsoever and/or with respect to the security
which may be permitted under law.
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 and/or the Guarantor(s) shall forthwith give
Lender notice thereof in writing specifying such Event of Default, or such event. The Borrower(s)
and/or the Guarantor(s) shall also promptly inform Lender if and when any statutory notice of
winding-up under the provisions of the Companies Act, 1956 or any other law or of any suit or legal
process intended to be filed / initiated against the Borrower(s) and/or the Guarantor(s), is received by
the Borrower and/or the Guarantor(s). On the question whether any of the above
events/circumstances has occurred/ happened, the decision of Lender shall be final, conclusive and
binding on the Borrower and/or the Guarantor(s). The rights, powers and remedies given to Lender
by this Agreement shall be in addition to all rights powers and remedies given to Lender by virtue of
any other security, statute or rule of law. Lender may exercise a lender's lien or right of set-off with
respect to any obligation of the Borrower and/or the Guarantor(s) to Lender in the same manner as if
the obligation were unsecured and shall have a lien on all property or securities of the Borrower
and/or the Guarantor(s) in Lender's possession or custody whether for safe-keeping or otherwise.
Without prejudice to what is stated hereinabove, the Borrower(s) and/or the Guarantor(s) hereby
expressly agree and confirm that in the event of the Borrower(s) and/or the Guarantor(s) failing to
pay the outstanding amount of the Loan, in addition to any General or Specific Lien to which Lender
may be entitled by law, Lender shall, without prejudice to any of its specific rights under this
Agreement, be at liberty to apply any other money or amounts standing to the credit of the
Borrower(s) and/or the Guarantor(s) in any account (including fixed deposit account) with Lender in
or towards repayment of the outstanding amount of the Loan, without notice to the Borrower(s)
and/or the Guarantor(s), on happening of any Event of Default or if upon demand by Lender the
Loan is not repaid within the prescribed time. In case of any deficit, the deficit amount may be
recovered by Lender from the Borrower(s) and/or the Guarantor(s). The Borrower(s) and/or the
Guarantor(s) hereby agree as a pre-condition of the Loan given to them by Lender that in case the
Borrower(s) and/or the Guarantor(s) commits default in the repayment of the Loan, the Lender and
the Reserve Bank of India will have an unqualified right to disclose or publish the name of the
Borrower(s) and/or the Guarantor(s) and its partners or directors as defaulter in such manner and
through such medium as Lender or Reserve Bank of India in their absolute discretion may think fit.
B .................................. G ...................................
(14)
H. RIGHT AND REMEDIES OF THE LENDER
1.
2.
3.
4.
5.
Without prejudice to the Lender's other rights, if the Borrower(s) and/or the Guarantor(s) fail
to pay any amount payable by the Borrower(s) to the Lender under this Agreement within 7
days of demand or of such amount becoming due and payable or if any Event of Default
occurs or on account of the Borrower(s) and/or the Guarantor(s) failure to perform
its/his/their obligation under this Agreement, this Agreement shall ipso facto
terminated/determined and the Lender shall be entitled to forthwith take physical possession
of the vehicle(s) and/or other security, either by itself or through its agents
and sell or otherwise deal with the vehicle(s) and/or other security to enforce the Lender's
security and recover the Borrower(s) outstanding dues.
The Borrower(s) understands, agrees and undertakes that the vehicle(s) is/are hypothecated
to the Lender and upon termination/determination of the Agreement, the Borrower(s) is/are
liable to restore the possession of the vehicle(s) to the Lender immediately or any obstruction
caused by the Borrower(s) in the Lender exercising its rights hereunder, shall be deemed to
be unlawful detention of the vehicle(s) and dishonest misappropriation within the meaning
of Section 403 of the Indian Penal Code.
Without prejudice to its other rights, the Lender shall be entitled to forthwith take physical
possession of the vehicle(s) to enforce its security. For this purpose the Lender's authorized
representatives or its employees and agents will have unrestricted right of entry in any
premises of the Borrower(s) or any place where the vehicle(s) is/are stationed/parked, to take
the physical possession of the vehicle(s) and the Borrower(s) shall not prevent or obstruct
them from taking the physical possession of the vehicle(s).
In order to enforce its security as aforesaid it shall be lawful for the Lender or its authorized
representatives or its employees or its agents to forthwith or at any time without notice to the
Borrower(s), to enter upon any premises or garage or godown where the vehicle(s) may be or
is believed to be and take possession of the same without being liable to any court or other
proceedings by the Borrower(s) or any person claiming under him or otherwise. The Lender
will be well within its rights to use tow-cranes to carry away the vehicle(s). The Borrower(s)
shall be liable to pay any towing charges or other such expenses incurred by the Lender for
effecting the possession of the vehicle(s) and for its safe keeping, parking charges etc.
The Borrower(s) and/or the Guarantor(s) agree/s and undertake/s not to prevent or obstruct
the Lender from taking possession of the vehicle(s) and that the Lender's representatives will
have unrestricted right of entry in and to any premises where the vehicle(s) is/are
located/kept for the time being in force. The Lender will be entitled to sell, give on hire or
otherwise deal with the vehicle(s) by public or private auction or private treaty, without being
liable for any loss and to apply the net proceeds thereof firstly towards satisfaction of all
costs incurred in respect of such hire, sale or dealing, secondly towards liquidation of the
balance of the interest and other sums payable by the Borrower(s) and/or the Guarantor(s) to
the Lender and thirdly towards the principal amount of the Loan outstanding. The Lender
shall have the power and right to transfer/sell the vehicle(s) without any further notice or
recourse to the Borrower(s). The Borrower(s) and/or the Guarantor(s) hereby agrees and
undertakes not to raise any objection and/or dispute as to the value at which the vehicle(s)
is/are transferred/sold by the Lender and the decision made by the Lender shall be final and
binding on the Borrower(s) and the Guarantor(s). The Lender shall not be liable for any loss
arising out of/due to the sale /transfer of vehicle(s).
In the event of shortfall/deficiency between the sale proceeds and the said amounts
due/payable to the Lender, the Borrower(s) and/or the Guarantor(s) shall be liable to pay the
shortfall. In no event will any sum already paid under the provisions of this Agreement be
refundable by the Lender to the Borrower(s). Nothing contained in this clause shall oblige
the Lender to sell the vehicle(s) and the Lender shall be entitled to proceed against the
Borrower(s) and/or the Guarantor(s) independently of such security. The Lender shall be
B .................................. G ...................................
(15)
6.
7.
8.
9.
10.
11.
12.
13.
14.
entitled to adjust any other amount of the Borrower(s) and/or the Guarantor(s) with the
Lender, towards payment of such deficiency. Nothing contained in this clause shall oblige
the Lender to sell, hire or deal with the vehicle(s) and the Lender shall be entitled to proceed
against the Borrower(s) and/or the Guarantor(s) independently of such sale, hire or dealing
as conclusive.
The Lender shall be entitled to recover from the Borrower(s) all expenses (including legal
costs on full indemnity basis) incurred by the Lender in ascertaining the whereabouts of the
vehicle(s), taking possession, insuring, transporting and settling the vehicle(s) and of any
legal proceedings that may be filed by the Lender to enforce the provisions of this
Agreement. It is expressly clarified that the rights and remedies referred to herein above shall
be in addition to each other and also without prejudice to any other right or remedy available
to the Lender either under this Agreement or under any other agreement, or in law.
That upon the occurrence of any Event of Default the Borrower(s) and /or the Guarantor(s),
shall be bound to return the vehicle(s) to the Lender at such location, as the Lender may
designate in the same condition in which it was originally delivered to the
Borrower(s)(ordinary wear and tear excepted).
The Lender shall be entitled to take possession of the vehicle(s), irrespective of whether the
Loan has been recalled, whenever in the opinion of the Lender there is an apprehension of
any money being paid or the Lender's security being jeopardized.
The Lender, its employees and/or agents and/or authorized representative etc, shall not be in
any way responsible for any loss, damage, limitation or depreciation that the hypothecated
vehicle(s) may suffer or sustain on any account whatsoever, whilst the same is in the
possession of the Lender, its employees, agents or authorized representatives.
Neither the Lender nor its employees, agents or authorized representatives shall be in any
way responsible and liable and the Borrower(s) and/or the Guarantor(s) hereby agree not to
make the Lender, its employees, agents or authorized representative liable for any loss,
damage, limitation or otherwise of any belongings and articles that may be kept or lying in
the hypothecated vehicle(s) at the time of taking charge and/or possession of the
hypothecated vehicle(s).
The Guarantor(s) shall be severally and jointly with the Borrower(s) responsible and liable
for compliance of all the provisions of this Agreement and in particular for payment of all
sums due and payable to the Lender herein.
The Lender shall be entitled to sell, assign, securities or transfer, the Lender's rights and
obligations hereunder to any person(s), company/partnership/agency of the Lender's choice
in whole or in part and in such manner and on such terms as the Lender deems fit at its sole
and absolute discretion.. Any such sale, assignment, securitization or transfer shall
conclusively bind the Borrower(s) and/or the Guarantor(s). The Borrower(s) and/or the
Guarantor(s) shall not be entitled to directly or indirectly assign or encumber the benefit of
this Agreement.
The Lender may at the risk and cost of the Borrower(s) engage one or, more person(s) to
collect the Borrower(s) outstanding and/or to enforce any security and may furnish to such
person(s) such information, facts and figures as the Lender thinks fit and may delegate to
such person(s), the right and authority to perform and execute all acts, deeds matters and
things connected therewith or incidental thereto as the Lender thinks fit.
Notwithstanding anything contained in the present Agreement, Lender may at any time, at its
sole discretion, and without assigning any reason, decide to amend/modify/revise the terms
and conditions of this Agreement by giving a prior notice to the Borrower(s) and such
modified/amended/revised terms and conditions of this Agreement shall be binding on the
Borrower(s) and the Guarantor(s).
B .................................. G ...................................
(16)
I. REVIVAL OF CONTRACT
1.
In the event of the Lender repossessing the vehicle(s), the Borrower(s) and/or the
Guarantor(s) may request the Lender to revive the contract and apply for redelivery of the
vehicle(s) on an as and where condition and such request may be entertained by the Lender at
its discretion and upon such terms and conditions as it may think fit and proper in the
circumstances and only after collection the installments due and delayed payment charges,
incidental charges including repossession charge, travel, legal and other expenses etc. Any
decision taken by the Lender not to revive the contract shall be final and binding on the
Borrower(s) and the Borrower(s) and/or the Guarantor(s) hereby undertake not to challenge
this decision of the Lender in any Court of Law.
J. LIABILITIES OF GUARANTOR
1.
2.
3.
4.
5.
6.
The Guarantor(s) guarantees to the Lender that in the event of the Borrower(s) failing to
repay installments of the Loan on the due dates for their payment under this Agreement or
failing to pay the entire dues on recall of the Loan or on the happening of an event of default
under this Agreement, the Guarantor(s) shall, on demand, promptly pay and make good the
same without dispute or demur.
The Guarantor(s) hereby agree that its/their liability is joint and several with that of the
Borrower(s) and as between the Lender and themselves, it/they is/are to be considered as
principal debtors to the Lender for all dues payable under the provisions of this Agreement.
The Guarantor(s) agrees that its/their liability shall be that of a primary obligation and not
merely as a surety and the Guarantor(s) shall not be impaired or discharged by reason of any
facility or time given by the Lender to the Borrower(s) or any indulgence or forbearance
shown in payment or any dues or repayment of the said Loan under this Agreement or in
respect of any security proposed to be created. The Guarantor(s) further agrees that any such
facility, time or indulgence granted or forbearance shown shall automatically be deemed to
have been given after due notice to and with Guarantor(s)'s consent.
The Lender's rights against the Guarantor(s) shall remain in full force and effect,
notwithstanding any arrangement which may be reached between the Lender and any other
Guarantor(s), if any, or notwithstanding the release of that other(s) liability and
notwithstanding that any time hereafter the other Guarantor(s) may cease for any reason
whatsoever to be liable to the Lender, the Lender shall be at liberty to require the
performance by the Guarantor(s) of his obligations hereunder to the same extent in all
respects as if the Guarantor(s) had at all times been solely liable to perform the said
obligations.
The Guarantor(s) hereby agrees that without his consent/concurrence, the Lender shall be at
liberty to vary, alter or modify the terms and conditions of this Agreement and/or of the
security created and/or of the security documents, executed by the Borrower(s) in favour of
the Lender and in particular defer, postpone or revise the repayment of the Loan and/or
payment of interest and other monies payable by the Borrower(s) to the Lender on such terms
and conditions as may be considered necessary by the Lender including any change in the
rate of interest, service charges, prepayment/foreclosure charges and/or disbursement
mentioned in the First Schedule in accordance with the provision of this Agreement.. The
Lender shall also be at liberty to absolutely dispense with or release all or any of the security/
securities furnished or required to be furnished by the Borrower(s) to the Lender to secure the
Loan.
The Lender shall have full liberty to exercise, without notice to the Guarantor(s) and without
in any way affecting this guarantee, at any time and in any manner any powers reserved to the
Lender under this Agreement to enforce, or forbear to enforce payment of the installments or
other monies due to the Lender from the Borrower(s) or any of the remedies or securities
B .................................. G ...................................
(17)
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
available to the Lender, to enter into any composition or compound with or to grant time or
any other indulgence or facility to the Borrower(s) and the Guarantor(s) shall not be released
by the exercise by the Lender of its liberty in regard to be matters referred to above or by any
act or omission on the part of the Lender or by any other matter or thing whatsoever which
under the law relating to sureties would, but for this provision, have the effect of so releasing
the Guarantor(s) and the Guarantor(s) hereby waives in favour of the Lender so far as may be
necessary to give effect to any of the provisions of this guarantee, all surety ship and other
rights which a guarantor might otherwise be entitled to enforce, further the Guarantor(s)
hereby expressly and implicitly waive all rights that may be available to him/them under law
(including the provisions of the Indian Contract Act) or in any other manner. The
Guarantor(s) agree that he/they shall not be entitled to claim the benefit of any legal
consequences of any variation of any contract entered into by the Borrower(s) with the
Lender, the liability in respect of which is guaranteed by the Guarantor(s).
This guarantee shall be enforceable against the Guarantor(s) notwithstanding that any
security or securities for the payment of the Loan shall at the time when the proceedings are
taken against the Guarantor(s) on this Guarantee, be outstanding or unrealized or lost.
The Guarantor(s) agrees to indemnify the Lender against all loss, damage, costs charges and
expenses which the Lender may suffer as a result of granting the said Loan to the Borrower(s)
or accepting any security from the Borrower(s).
The Guarantor(s) agrees that the copy of the statement of accounts of the Lender duly
certified as correct shall be binding on the Guarantor(s) as sums due and payable under this
Agreement.
The Guarantor(s)'s liability hereunder shall not in any way be affected by the bankruptcy or
by any petition or resolution or order for the bankruptcy of the Borrower(s) being presented,
passed or made or by any change in the constitution of the Lender.
The Guarantor(s) hereby agrees and declares that the Borrower(s) will be free to avail of
further loans or other facilities in addition to the Loan and/or renew the same during the
subsistence of this guarantee and in that event the guarantee herein contained will not be
affected or vitiated in any way whatsoever but will remain in full force and effect and binding
on the Guarantor(s).
The Guarantor(s) hereby agrees that it shall not be necessary for the Lender to exhaust its
rights or take any action against the Borrower(s) before requiring the Guarantor(s) to make
payment under this Agreement.
The Guarantor(s) agrees to make payment of sums due and payable under this guarantee
when demanded by the Lender notwithstanding that a dispute is pending between the Lender
and the Borrower(s) in respect of any provision of this Agreement or any other related or
connected document.
This guarantee shall be a continuing one and shall remain in full force and effect till such time
as the Borrower(s) repays in full the Loan together with all interest, delayed payment
charges, incidental charges, costs, charges and all other monies that may from time to time
become due and payable and remain unpaid to the Lender under this Agreement and until the
Lender acknowledges in writhing that the entire outstanding of the Borrower(s) has been
repaid in full.
The Guarantor(s) agrees that notwithstanding any defect in or invalidation of this Agreement
and/or incomplete documents or writings, this guarantee shall be valid and operative and the
Guarantor(s) shall not be discharged from his liability hereunder except by performance of
this guarantee.
This guarantee shall not be wholly or partially satisfied or exhausted by any payments made
to or settled with the Lender by the Borrower(s) and shall be valid and binding on the
Guarantor(s) and operative until repayment in full of all monies due to Lender under this
Agreement to the complete and absolute satisfaction of the Lender.
This guarantee shall be irrevocable and shall be in full force and effect notwithstanding that
B .................................. G ...................................
(18)
18.
the Lender may have obtained any other guarantee, corporate or personal, to secure the Loan
till such time as all the dues of the Lender including repayment of the Loan alongwith the
payment of interest and all other expenses and dues are not paid by the Borrower(s).
This guarantee shall be binding upon the Guarantor(s)'s heirs, executors and administrators.
K. ARBITRATION
The Parties agree that if any dispute/disagreement/differences (“Dispute”) arises
between the Parties during the subsistence of this Agreement or thereafter, in
connection with, inter alia, the validity, interpretation, implementation or alleged
breach of any provision of this Agreement, jurisdiction or existence of the arbitrator
or of any nature whatsoever, then, the Dispute shall be referred to a sole arbitrator who
shall be nominated/appointed by the Lender only. The Parties expressly agree that, in
any circumstance, the appointment of the sole arbitrator by the Lender shall be and
shall always deemed to be the sole means for securing the appointment/nomination of
the sole arbitrator, without recourse to any other alternative mode of
appointment/nomination. The place of the arbitration shall be New Delhi or such
other place as may be notified by the Lender and the arbitration proceedings shall be
governed by the Arbitration & Conciliation Act, 1996 and shall be in the English
language. The arbitrator's award shall be in writing. The arbitrator shall also decide on
the costs of the arbitration proceedings. The award shall be binding on the Parties
subject to the applicable laws in force and the award shall be enforceable in any
competent court of law.
L. ASSIGNMENT AND SECURITISATION
1.
2.
3.
This Agreement is personal to the Borrower(s) and/or the Guarantor(s) and the Borrower(s)
and/or the Guarantor(s) shall not be entitled to transfer or assign any of its rights or
obligations under this Agreement to any person directly or indirectly without the prior
written consent of the Lender.
The Lender shall be entitled to assign its rights, obligations, duties and liabilities under this
agreement and in event of such assignment by the Lender, the Borrower(s) and/or the
Guarantor(s) shall perform his obligations under this agreement to such assignee.
The Borrower(s) and the Guarantor(s) expressly recognize and accept that the Lender shall
be absolutely entitled and the Lender shall have full power and authority to sell, assign or
transfer in any manner, in whole or in part, all its rights (with or without any of the securities)
and interests and in such manner and on such terms as the Lender may decide in its sole and
absolute discretion, including reserving a right to the Lender to retain its power hereunder to
proceed against the Borrower(s) and/or the Guarantor(s) on behalf of the purchaser, assignee
or transferee, to any third party of the Lender's choice without reference to or without written
intimation to the Borrower(s) and/or the Guarantor(s). Any such action and any such sale, 1.
assignment or transfer shall bind the Borrower(s) to accept such third party as creditors
exclusively or as a joint creditor with the Lender, or as creditor exclusively with the right to
the Lender to continue to exercise all powers hereunder on behalf of such third party and to
pay over such outstanding and dues to such third party and/or to the Lender as the Lender
may direct. Any cost in this behalf, whether on account of such sale, assignments or transfer
or enforcement of rights and recovery of outstandings and dues shall be to the account of the
Borrower(s).The Borrower(s) acknowledges and undertakes to pay to third parties the
complete amount outstanding under the present Agreement in the event of assignment /
transfer of the portfolio to the third party. The third party shall have authority of the
Borrower(s) to collect the due amounts.
B .................................. G ...................................
(19)
M. SET OFF AND LIEN
1.
2.
3.
4.
5.
6.
Notwithstanding anything herein contained, the Borrower(s) and Guarantor(s) expressly
agree that upon happening of any event of default as mentioned in this Agreement and/or
any other agreement under which the Borrower(s) and/or the Guarantor(s) enjoying any
financial credit from the Lender including the Borrower(s) and/or the Guarantor(s) failure
to pay any money or monies when due or which may be declared due prior to the date when it
would otherwise have become due or commits any other default then in such event the
Lender shall have a lien over all the assets/securities of the Borrower(s) and/or the
Guarantor(s) in the Lender's control and a right of set-off against any moneys due from the
Borrower(s) and/or the Guarantor(s) to the Lender
The Borrower(s) and the Guarantor(s) agree and confirm that until and unless the ultimate
balance payable by them to the Lender under this Agreement and/or under any other prior or
post agreement ,has been paid or satisfied in full the Lender shall have lien on all properties
and assets of the Borrower(s) and Guarantor(s) from time to time in the possession of the
Lender and a charge over all stock, shares and marketable or other security from time to time
and get any or all of them registered in the name of the Lender or its nominees whether the
same be held for safe custody or otherwise.
The Lender shall be entitled to set off all monies, securities, deposits and other assets and
properties belonging to the Borrower(s) and/or the Guarantor(s) in the possession of the
Lender whether in, or on any account of the Lender or otherwise, whether held singly or
jointly by the Borrower(s) with other and may appropriate the same for the settlement of dues
hereunder.
The Borrower(s) and Guarantor(s) agree and confirm that until and unless their whole Loan
liability stands discharged towards the Lender either under this Agreement or under any
other agreement executed, post this Agreement and/or prior to this Agreement, or entered
into with the Lender at any point of time, but before issuance of NOC, Lender shall be having
the absolute right to exercise the lien over the NOC/Loan termination certificate of the
present loan transaction.
The Lender shall have right to combine all accounts of the Borrower(s) and/or the
Guarantor(s) for recovery of the Loan along with interest, additional interest, default
interest, costs, expenses and any other charges whatsoever payable by the Borrower(s)
and/or the Guarantor(s) under this Agreement and/or any other agreement.
The Lender has agreed to enter into this Agreement on condition that the Borrower(s) and/or
the Guarantor(s) agree to the right of the Lender to set off against the amount lying in
deposit/in account/in possession with the Lender for the recovery of the Loan and/or enforce
security in any manner.
N. GENERAL TERMS
1.
2.
3.
That the Power of Attorney and other documents and writings executed by the Borrower(s)
and/or the Guarantor(s), shall be irrevocable and shall not be revoked by the death,
dissolution or winding up of the Borrower(s) and/or the Guarantor(s) and the Lender shall be
absolutely entitled to take possession of and sell the vehicle(s) and/or cause the vehicle(s) to
be transferred and/or otherwise act pursuant to the said Power of Attorney, and the other
documents and writing executed by the Borrower(s) and/or the Guarantor(s).
All sums payable by the Borrower(s) to the Lender shall be paid without any deductions
whatsoever, at such other place as the Lender may specify and shall be so paid so as to enable
the Lender to realize the sum on or before the due date. Credit for payments will be given
only on realization.
The expression Borrower(s) outstanding/dues as referred hereinabove shall be taken to
include the outstanding amount of the Loan, interest, delayed payments charges, fees, costs,
charges expenses, service charges, stamp duty and all other sums whatsoever payable by the
B .................................. G ...................................
(20)
5.
6.
B .................................. G ...................................
(21)
B .................................. G ...................................
4.
Borrower(s) to the Lender herein and/or in connection with the said Loan shall be payable by
the Borrower(s) to the Lender, on demand. The Lender may, at any time, in its sole discretion
and after giving a notice to the Borrower (including on the termination/recall of the total
Loan amount/acceleration of payment(s)/determination of the Agreement/non-performance
of any of the promises made under the Agreement and/or on the occurrence of an Event of
Default), may call upon the Borrower(s) to pay all outstanding amounts and thereupon the
Borrower(s) shall pay the outstanding to the Lender without and delay or demure. The
statement of account submitted by the Lender shall be accepted by and acknowledged by the
Borrower(s) and the Guarantor(s) to be true and correct and shall not be challenged by the
Borrower(s) and Guarantor(s).
The Borrower(s) and the Guarantor(s) acknowledge that the rates of interest and delayed
payment charges are reasonable and the delayed payment charges represent/are towards predetermined/pre-estimates of loss expected to be incurred by the Lender due to the non
payment of dues by the Borrower(s) and/or the Guarantor(s). The Borrower(s) and the
Guarantor(s) acknowledge that the facility is a commercial transaction and specifically
waive any defence under any usurious loan legislation or other laws relating to or restricting
interest. In the event that the Lender, on receipt of a cheques for payment of margin
money/Borrower(s)'s share towards the value of the vehicle(s), makes payment of the price
of the vehicle(s) to the dealer/ manufacturer of the vehicle(s), and the instrument for payment
of margin money is returned unpaid by the bankers of the Borrower(s), without prejudice to
any other rights and remedies of the Lender including taking action under criminal laws in
force, the Borrower(s) and the Guarantor(s) will be indebted to the Lender for the margin
money, Loan, interest thereon, delayed payment charge and all other amounts payable by the
Borrower(s) and/or the Guarantor(s) as per the terms and conditions of this Agreement.
That the Lender may in it sole discretion may permit the Borrower(s) to swap the post dated
cheques/E.C.S./standing instructions and/or the mode of the repayment/payment of the
installments on the payment of the cheques swap charges that are mentioned in the First
Schedule attached herewith.
Any notice pursuant hereto shall be deemed to be duly given if sent by registered post
addresses in case of the Lender to the address mentioned hereinabove and also at
____________________________________________________________, or to any
changed address as may be published in the newspaper and in case of the Borrower(s) and/or
the Guarantor(s) then to the Borrower(s) and/or the Guarantor(s) address as given in the
present Agreement or to any changed address if such has been notified to the Lender and such
notice shall be deemed to have been give when it shall be delivered by hand mail or telegram
or registered post to the concerned party at the address mentioned hereinabove. The
Borrower(s) and/or the Guarantor(s) shall forthwith intimate the change in his address to the
Lender, failing which, service of a notice or correspondence to the address last given by the
Borrower(s) and/or the Guarantor(s) shall be deemed to be service on the Borrower(s) and/or
the Guarantor(s). That the notice/request/communication sent by the Borrower(s) and/or the
Guarantor(s) shall be deemed to have been received by the Lender only when it shall have
actually been received by the Lender at both the addresses. That the
Notice/request/communication sent by the Lender be deemed to have been received by the
Borrower(s) and/or the Guarantor(s):i.
If given by post on the expiration of 2 days after the same shall have been delivered to
the post office and for proving the service it shall be sufficient to show that the
envelope containing the notice was properly addressed posted,
ii
If given by telegram then on the expiration of 24 hours after the telegram shall have
been delivered to the telegraph office and for proving the service it shall be sufficient
to show that the telegram was properly addressed and sent,
iii
And if delivered personally, when left at the address of the Borrower(s) and/or the
Guarantor(s) as aforesaid, and a certificate by an officer of the Lender who sent such
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
notice or communication that the same was so given or made shall be final and
conclusive.
All costs (including Advocate's costs), charges, expenses, taxes (including sales tax, service
tax, interest tax, excise duty etc.) duties (including stamp duties) in connection with this
Agreement, any document executed pursuant hereto, the creation, enforcement, realization
or attempted realization of the security and the insuring, taking possession of, maintaining,
storage and selling of the vehicle(s) shall be borne and paid by the Borrower(s) and/or the
Guarantor(s).
The Borrower(s) and/or the Guarantor(s) irrevocably agree and undertake to pay to the
Lender all taxes and duties whether Sales Tax, Service Tax, Excise duty or any other related
and/or consequential statutory charges, duties and taxes now or hereafter levied on this
transaction or upon the vehicle(s), with retrospective or prospective effect. The Borrower(s)
and/or the Guarantor(s) shall also pay service fees, charges payable on cheques deposited
(for the payment of the installments and/or any other dues) but retuned unpaid along with the
delayed payment charges as set out in the First Schedule hereto and all other charges
specified by the Lender including costs, expenses incurred or paid by the Lender or payable
under any Terms and Conditions of this agreement.
The Parties hereby agree that any legal action or proceeding arising out of this Agreement
shall be brought in the courts at Delhi(subject to the arbitration Clause above)they
irrevocably submit themselves to the exclusive jurisdiction of the courts at Delhi. The
Lender may, however, in their absolute discretion commence any legal action or proceeding
arising out of this Agreement in any other court, tribunal or other appropriate forum, and the
Borrower(s) and the Guarantor(s) hereby consents to that jurisdiction. Any provision of this
Agreement, which is prohibited or unenforceable in any jurisdiction, shall, as to such
jurisdiction, be ineffective to the extent of prohibition or unenforceability but shall not
invalidate the remaining provisions of this Agreement or affect such provision in any other
jurisdiction.
Any delay in exercising or omission to exercise any right, power or remedy accruing to the
Lender under this Agreement or any other agreement or document, shall not impair any such
right, power or remedy and shall not be construed to be a waiver thereof or any acquiescence
in any default, nor shall the action or inaction of Lender in respect of any default, nor shall the
action or inaction of Lender in respect of any default or any acquiescence in any default,
affect or impair any right, power or remedy of the Lender in respect of any other default/s.
That the liability of each and every of the Borrower(s) and the Guarantor(s) under this
Agreement shall be joint and several.
The Borrower(s) agrees that the Lender is not responsible or liable in any way whatsoever for
the non performance of the vehicle(s) or failure of any guarantees and warranties in respect
of the vehicle(s).
It is expressly agreed and declared that any motor agent or dealer or broker or any other
person through whom this transaction may have been introduced, negotiated or conducted is
not an authorized “agent” of the Lender and that the Lender has no liability for any
representation, writings or statements made by any one of them to the Borrower(s) and the
Lender shall not be responsible for any payment made by the Borrower(s) to any such person
unless the same is acknowledged in writing by the Lender.
Time shall be the essence of this Agreement in so for as if relates to the observance or
performance by the Borrower(s) and Guarantor(s) of all or any of its obligations including
payment of any sum hereinunder.
That the reference to masculine gender shall be deemed to include reference to feminine
gender and vice versa. The meaning of defined terms shall be equally applicable to both the
singular and plural forms of the terms defined.
That the Borrower(s) and the Guarantor(s) agree that the Lender may in its sole and absolute
discretion be entitled to present and appropriate (in the manner as the Lender may be
B .................................. G ...................................
(22)
17.
18.
19.
20
21.
required in its sole and absolute discretion) the proceeds of all the post dated
cheques/ECS/S.I. given/handed over by the Borrower(s) and/or the Guarantor(s) to the
Lender under the present Agreement/Loan, even after the termination of the present
Agreement and/or after the recall of the entire Loan amount, and for all such times that the
entire Loan has been repaid to the complete satisfaction of the Lender.
The Borrower(s) and the Guarantor(s) hereby agree that in case the Borrower(s) and/or the
Guarantor(s) commit a default in payment or repayment of principal amount of the loan or
interest/charges due thereon, the Lender will have an unqualified right to disclose or publish
the details of the default, the name of the Borrower(s) and/or the Guarantor(s) and/or
its/their directors/partners, as defaulters in such manner and through such media as the
Lender in its absolute discretion may thinks fit.
That the provisions/clauses of this Agreement by their nature and context (including but not
limited to the provisions/clauses for arbitration, jurisdiction, payment of interest, additional
interest, liability of the Borrower and/or the Guarantor(s) and their covenants, representation
and warranties etc.) are intended to survive the performances, hereof, shall so survive the
completion and termination of this Agreement.
The Borrower(s) and the Guarantor(s) agree that the Lender may for any purpose(s) relating
to present Loan including the right and authority to collect, recover and receive on behalf of
the Lender from the Borrower(s) and/or the Guarantor(s) all due and unpaid monthly
installments and other amounts due by the Borrower(s) and/or the Guarantor(s) under this
Agreement and to perform and execute all lawful acts, deeds etc, connected therewith and
incidental thereto (including but not limited to sending notices, contacting the Borrower(s)
and/or the Guarantor(s) receiving cash/cheques/drafts/mandates from the Borrower(s)
and/or the Guarantor(s) and giving valid and effectual receipts and discharge to the
Borrower(s) and/or the Guarantor(s) be entitled and authorized be without prejudice to its
right to perform such activities itself or through its officers or employees, to appoint on or
more third parties as the Lender may chose and to delegate to such third party all or any of its
functions, rights and powers under this Agreement. However, only the Lender and its duly
authorized officials would be authorized/entitled to enter into a full and final settlement and
issue any receipt and/or acknowledgement thereof. That the Borrower(s) and the
Guarantor(s) agree, consent and permit the Lender to disclose to such third parties all
necessary or relevant particulars/information relating to the Borrower(s) and/or the
Guarantor(s) and the Loan for any purpose required by the Lender. Notwithstanding the
above, the Borrower(s) and the Guarantor(s) expressly accept and authorize the Lender
(and/or any such third party as the Lender may select) to contact other parties (including the
family members of the Borrower(s) and/or the Guarantor(s) and disclose all necessary or
relevant information pertaining to the Borrower(s) and/or the Guarantor(s) and the Loan and
the Borrower(s) and/or the Guarantor(s) hereby consents to such disclosure by the Lender.
The stamp duty, additional stamp duty, any penalty thereon and registration charges, if any,
and as applicable for creation and/or registration of this Agreement or any other document
executed in connection with this Agreement shall be borne by the Borrower and/or the
Guarantor(s). It shall be the responsibility/liability of the Borrower(s) and/or the
Guarantor(s), to pay the stamp duty, registration charges, and penalty thereon, if any, and to
get this Agreement and/or any other documents executed in connection with this Agreement,
registered with appropriate authorities.
Notwithstanding any of the foregoing, the Borrower(s) and/or the Guarantor(s) give its/their
unconditional and irrevocable consent with retrospective effect for the exchange, share,
disclosure etc. by the Lender of information and date relating to the Borrower(s) and/or the
Guarantor(s), of the Loan availed of/to be availed by the Borrower(s), obligations assured/to
be assured by the Borrower(s) and/or the Guarantor(s) in discharge thereof or such
information as the Lender may be deem appropriate and necessary to disclose and furnish to
its other group companies of the Lender, banks ,financial institutions, credit
B .................................. G ...................................
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bureaus/agencies/statutory bodies including Credit Information Bureau (India) Limited
(hereinafter referred to as 'CIBIL') and any other agency authorized in this behalf by the
Reserve Bank of India.
The Borrower(s) and/or the Guarantor(s) also understand that the Lender and/or CIBIL
and/or any other agency so authorized may:i.
Use, process the said information and data disclosed by the Lender in the manner as
deemed fit by them; and
ii.
Furnish for consideration the processed information and date 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 in this behalf.
Additionally, the Borrower(s) and/or the Guarantor(s) hereby also agree and give
his/their unequivocal consent for the disclosure by the Lender of all or any
information/documents or data as above for protecting its interests to:
a.
Income Tax authorities, Credit Rating Agencies (for the purpose of
credit reference checks) or any other Government or Regulatory
Authorities/ Bodies/Departments/Authorities as and when so
demanded; and,
b.
To any court or judicial, statutory or regulatory authority/tribunal/arbitrator
pursuant to an order/direction to this effect, as and when required. Further,
the Lender shall also be entitled to share all or any information/documents or
data as above with any of its sister concerns, associates, affiliates, subsidiary
or group companies. The Lender shall be entitled to exercise the above right
of disclosure without being required to issue any further notice in this respect
to the Borrower and/or the Guarantor(s). The Borrower(s) and the
Guarantor(s) specifically waives the privilege of privacy, privity and
defamation.
22.
The Borrower(s) and the Guarantor(s) hereby admit/s that this Agreement has been
completely explained to him/her/them and he/she/they has/have fully understood the
meaning of each and every CLAUSE, TERM & CONDITIONS and has/have signed this
Agreement with full knowledge and understanding of the obligations herein willingly
undertaken, agreed and accepted. A copy of this Agreement, duly signed by the Parties
hereto, is here by delivered to the Borrower(s) and the Guarantor(s) and the Borrower(s) and
the Guarantor(s) acknowledge the receipt of the same.
B .................................. G ...................................
(24)
FIRST SCHEDULE
No.
(A)
1
2
(B)
(1)
Item
Agreement Details
Date of Agreement
Agreement No.
Vehicle(s) Particulars
Total number of vehicles
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(2)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(3)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(4)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(5)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(6)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(7)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
Particulars
(8)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(9)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(10)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(11)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(12)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(13)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(14)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(15)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(16)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(17)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(18)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(19)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(20)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(21)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(22)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(23)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(24)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
(25)
Descriptions of vehicle(s) including accessories
Make
Model
Engine No.
Chassis No.
Registration No
Purpose(s) for which the Loan will be utilized
Purpose(s) for which the vehicle(s) shall be used
(C)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
(D)
1
2
3
4
5
6
7
8
Financial Details
Total Cost of Vehicle(s)
Loan Amount
Margin Money (if any)
Rate of Interest
Period/Tenure of loan
Interest Charges
Total No of Installments
Value of EMIs
No of advance EMIs (if any)
Security Deposit (if any)
First Year Insurance
Second Year Insurance
Third Year Insurance
Out Station Cheque Charges
In case of used vehicle(s)
(a) Insurance valid Upto
(b) Permit valid Upto
(c ) RTA Taxes remitted upto
Other charges
Cheque Bouncing charges
Processing Fees charges
Prepayment /Foreclosure charges
Non Refundable Service Charges
Delayed payment charges
Cheque Swap Charges
Collection Charges
Non-Refundable Service Charges
SIGNED AND DELIVERED BY
FOR INDIABULLS FINANCIAL SERVICES LIMITED
Authorised Signatory
SIGNED AND DELIVERED BY
----------------------BORROWER(S)
-----------------------------GUARANTOR(S)
WITNESSES
1. Name:
Occupation:
Address:
2. Name:
Occupation:
Address:
SECOND SCHEDULE
Subject to the terms of the Agreement or unless the same is revised by the Lender, the Payment/Repayment
Schedule shall be as follows :
Installment No
Due Date
Due
amount
Installment No.
1
31
2
32
3
33
4
34
5
35
6
36
7
37
8
38
9
39
10
40
11
41
12
42
13
43
14
44
15
45
16
46
17
47
18
48
19
49
20
50
21
51
22
52
23
53
24
54
25
55
26
56
27
57
28
58
29
59
30
60
For INDIABULLS FINANCIAL SERVICES LIMITED
Authorised Signatory
BORROWER(S)
GUARANTOR(S) :/CO-APPLICANT
GUARANTOR(S) :/CO-APPLICANT
GUARANTOR(S) :/CO-APPLICANT
Due Date
Due amount
THIRD SCHEDULE
Agreement No.
:
_________________________
Agreement Date:
Description of vehicle(s)
a. Make of the Vehcile:b. Model:c. Registration no.:d. Engine no.:e. Chasis no.:Vehicle is to be used for :
_________________________ Purpose.
Dealer/Seller/Person to whom loan is to be disbursed _______________________
Interest Rate: _______% p.a.
Loan Amount: Rs. _________________/- (Rupees ___________________________________ only)
Agreement Value:
Repayment (payable-monthly/quarterly/half-yearly/yearly or such other period as specified by the Lender)
S.No. No.of
No.of Advance
Amount of each
Due date
Installments
installments
installments(Rs.)
From To
Non Refundable Service Charges
:
Rs.__________________/-
Prepayment Charges
:
@_____% of the amount pre-paid.
Cheque Dishonor Charges
:
Rs.____/- per dishonored cheque
Representation Charges
:
Rs.____/- per representation.
Delayed payment charges
:
@_____%monthly on arrears.
Cheque Swap Charges
:
Rs.________/-
Collection Charges:_
Rs. ________/-.
For INDIABULLS FINANCIAL SERVICES LIMITED
Authorised Signatory
BORROWER(S)
GUARANTOR(S) :/CO-APPLICANT
GUARANTOR(S) :/CO-APPLICANT
GUARANTOR(S) :/CO-APPLICANT
FOURTH
SCHEDULE
THIRD
SCHEDULE
(Details of assets of the Borrower(s) provided as security in favour of the Lender in addition to the
Vehicle(s) mentioned in the First Schedule above)
IN WITNESS WHERE OF THE PARTIES HAVE SET AND SUBSCRIBED THEIR RESPECTIVE
HANDS ON THE DATE AND PLACE MENTIONED ABOVE.
SIGNED AND DELIVERED BY
FOR INDIABULLS FINANCIAL SERVICES LIMITED
Authorised Signatory
SIGNED AND DELIVERED BY
----------------------BORROWER(S)
WITNESSES
1. Name:
Occupation:
Address:
2. Name:
Occupation:
Address:
-----------------------------GUARANTOR(S)
DEMAND PROMISSORY NOTE
Rs. : ..................................................
ON DEMAND, I/we
____________________________________________________________________________
____________________________________________________________________________
_____________________________________________________________________________
____________________________________________________________________________,
Jointly and Severally, promise to pay to INDIABULLS FINANCIAL SERVICES LIMITED or order, the
Sum of Rs.................................... (Rupees ....................................................................................................
......................................... only) together with interest from the date here of, at ........................... percent
per annum or such other rate the INDIABULLS FINANCIAL SERVICES LIMITED may fix from time
to time compounding and payable with daily / monthly / quarterly rests, for values received.
Place :................................
Date :..................................
Please affix
one rupee
revenue
stamp only
Applicant Name........................
Signature .................................
Please affix
one rupee
revenue
stamp only
Guarantor / Co-Applicant Name.........................
Signature ..........................................................
Applicant
Please affix
one rupee
revenue
stamp only
Please affix
one rupee
revenue
stamp only
Guarantor / Co-Applicant Name.........................
Signature ..........................................................
Guarantor / Co-Applicant Name.........................
Signature ..........................................................
D. P. Note Delivery cum Waiver Letter
To,
INDIABULLS FINANCIAL SERVICES LIMITED
___________________________________
___________________________________
___________________________________
___________________________________
Dear Sir,
Please take delivery of the accompanying DEMAND PROMISSORY NOTE dated............................
for Rs. ........................................................... (Rupees ................................................................................
.......................................) made by me/us in favour of Indiabulls Financial Services Limited with
interest there on with @_____ % p.a. with daily/monthly/quarterly rests.
The said Demand Promissory Note shall operate as a continuing security to you to be enforceable
for the repayment of the ultimate balance or all sums remaining unpaid under the said Loan Facility
(ies) now or hereafter; and I/We are to remain liable on the said Demand Promissory Note not
withstanding the fact that by payment made in the account of the Loan from time to time, the said
Loan Facility (ies) may from time to time be reduced or extinguished or even that the balance of the
said account(s) may be at credit.
Further I / We do hereby waive my/our rights to take advantage of any default in presentment for
payment of said promissory note or service of notice of dishounour as required by law.
Borrower(s)
Place :.......................................
Date :........................................
Guarantor(s) :
To
Date :.......................................
Dear Sir,
Reg. : Undertaking for Insurance Coverage for Vehicle(s) financed by you
I/We hereby undertake,
1.
To take out a Comprehensive Insurance Policy on the said vehicle(s) financed by you for the full
value fo the asset (total insurance value will be Chassis cost as per invoice plus body cost involved.)
Such comprehensive insurance will be covering all clauses including Earthquake, riot, flood etc.
2.
To have the Hypothecation Endorsement in the Insurance policy, in favour of___________________.
3.
To ensure that the copy of the insurance policy is duly, handed over to you within 48 hours of insurance
covered by me/us. To submit the original insurance for verification. Copies of the same could then be
retained by you after being duly attested.
4.
To ensure that all renewals of the Insurance Policy are completed at least 7 days prior to the date of
expiry of the previous policy. Copy of the Comprehnsive Insurance Policy duly renewed be submitted
to you along with the original within 48 hours of the issue of the same, for your records. The renewal
insurance value will be as per the tariff regulations set forth by the Insurance Companies.
5.
To ensure that .......................................... is duly stipulated as the "Loss Payee" and that all monies
receivable against the settlement of claim(s), are routed thorugh .............................................................
I once again undertake that till the end of the Loan Agreement the Vehicle(s) funded by you will be covered
only under Comprehensive Insurance Policy.
In the event of non-compliance of the above I/We accept and acknowledge your right to take whatever
steps necessary to protect the Vehicle(s) financed, including taking possession of the same till the above
points are duly complied with.
Thanking You,
Yours faithfully,
Borrower(s)
SPECIAL POWER OF ATTORNEY
TO ALL TO WHOM THESE PRESENT SHALL COME, I Mr. ------------------------------------- S/o ----------------------------- R/o ------------------------------------------------------------------------------------- nationality Indian, residing at ---------------------------------------- (the Executant).
WHEREAS:
A.
The undersigned Executant has signed a Loan Cum Hypothecation Agreement (Agreement)
to avail financial assistance from Indiabulls Financial Services Limited (Financier) and
pursuant to which the financier will provide loan to borrower (Executant).
B.
The Executant has undertaken and agreed to irrevocably appoint Mr. -------------------------------- S/o ------------------------------------- R/o ------------------------------------------------------------------------------------------ as his true and lawful attorney to do, perform and execute the
following acts, deeds, matters and thing or any of them for me and on my behalf.
NOW KNOW THESE PRESENTS WITNESSTH THAT:
I ---------------------------------- the above-named do hereby nominate, constitute and appoint Mr. ------------------------------ S/o -------------------------------------- R/o ----------------------------------------------------------------------------------------------------------- as my true and lawful attorney (hereinafter referred to as “the Attorney”) for me and on my
behalf to do, perform and execute the following acts, deeds, mater and thing or any of them for me and on my behalf:
1.
To receive a sum of Rs. -------------------/- (Rupees -----------------------------------------------
only) from the sanctioned loan amount of Rs. -----------------/- (Rupees --------------------------------------------------------------------only) by Indiabulls Financial Services Limited.
2.
To issue receipt of above referred loan amount received on my behalf, which I am or may be
entitled and for that purpose, to sign and give receipt as may be demanded by the Financier.
3.
AND I do hereby ratify all lawful acts and things done by the said attorney to the power
hereinabove contained.
4.
AND GENERALLY to do, perform and execute all acts, deeds matters and things relating to
or concerning or touching these presents as fully and effectually as if I personally present and
had done, performed or executed the same myself.
IN WITNESS whereof I set my hands at this ------------ Day of --------- 20___.
SIGNED AND DELIVERED
By the within named Executant
IN THE PRESENCE OF
1.
---------------------------
2.
---------------------------
I Accept:
By The Within Named Attorney
Indiabulls Financial Services Limited
Commercial Vehicle Finance
Most Important Document ("MID")
PLEASE READ &
RETAIN YOUR COPY
Dear Customer,
Thank you for your application for loan on Commercial Vehicle from Indiabulls Financial Services Limited (IBFSL).To ensure that there is
clarity regarding Indiabulls Financial Services Limited offer, you are requested to go through the salient terms and conditions of the loan and sign
your acceptance of the same. Kindly retain the copy of this document for your future reference.
1. Loan Amount: Rs......................... (Rupees........................................................................................only)
2. Flat rate @ ............% p.a. The interest on the loan will begin to accrue in favour of Indiabulls Financial Services Limited on and from the date of
disbursing the loan.
3. The tenor of the loan is......................... Years.
4. Number of Equated Monthly Installments (EMIs) payable: .........................
5. Amount of EMIs
a) ........................................(.........EMIS)
b) ........................................(.........EMIS)
c) ........................................(.........EMIS)
d) ........................................(.........EMIS)
6.
7.
8.
9.
Number of EMIs payable in advance: .........................
Date of presentment of 1st EMI or Standing Instruction or Electronic Clearing Service (ECS) instruction: .........................
The EMI presentation date shall depend on the date of disbursement of loan.
The following fees/charges shall be payable by you to Indiabulls Financial Services Limited with respect to the loan :
a) Delayed Payment Fee : 2% to 3% per month (Compounding monthly).
b) Bounce cheque charges : Rs. 500/- for each of cheque dishonred. This charge is in addition to the Delayed Payment Fee as stated above.
c) Prepayment charge : up to 6% of the principal outstanding in case foreclosure is within one year of the financing otherwise 4% of the principal outstanding.
10.
The disbursal of the loan shall be at the sole discretion of Indiabulls Financial Services Limited.
11.
The following fees/ charges shall be payable by you to Indiabulls Financial Services Limited with respect to the loan:
a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
k)
l)
Stamping Charges : ...........................................................
Valuation Charges (Secured Loan) : ...................................
Admin Charges : .................................................................
Processing Fee : ............. of the loan amount + service tax @ 12.36% of the processing fee.
Credit Assessment Charges : Rs. 500/ECS Charges : Rs. 250/Cheque Swap Charges : Rs. 750/Loan Cancellation Charges : Rs. 1000/Loan Re-Booking Charges : Rs. 1000/Statement of Account Charges : Rs. 500/Duplicate NOC Charges : Rs. 500/Duplicate Repayment Schedule : Rs. 500/**Service tax will be extra as applicable on above charges.
Indiabulls Financial Services Limited shall, at its sole discretion and under intimation to you, be entitled to amend or modify the term and
conditions of the loan and all such amendment or modification, shall be deemed to be effective and binding on you.
By accepting this letter, I, .............................. confirm that I have read / I have been read out and understood the contents of MID as aforesaid, I also
12.
confirm that I have not been promised any free gift/discount or any other commitment whatsoever which is not documented in the loan
agreeemnt with Indiabulls Financial Services Limited or any other document. Further I confirm that no cash/bearer cheque has been collected
from me with respect of the loan.
Signature of Applicant .............................................
RM/BM Signature.............................................
Signature of Guarantors/Co-Applicant.....................................
Date: ................................................................
Signature of Guarantors/Co-Applicant.....................................
Signature of Guarantors/Co-Applicant.....................................
Indiabulls Financial Services Limited
Commercial Vehicle Finance
Most Important Document ("MID")
(Customer Copy)
PLEASE READ &
RETAIN YOUR COPY
Dear Customer,
Thank you for your application for loan on Commercial Vehicle from Indiabulls Financial Services Limited (IBFSL).To ensure that there is
clarity regarding Indiabulls Financial Services Limited offer, you are requested to go through the salient terms and conditions of the loan and sign
your acceptance of the same. Kindly retain the copy of this document for your future reference.
1. Loan Amount: Rs......................... (Rupees........................................................................................only)
2. Flat rate @ ............% p.a. The interest on the loan will begin to accrue in favour of Indiabulls Financial Services Limited on and from the date of
disbursing the loan.
3. The tenor of the loan is......................... Years.
4. Number of Equated Monthly Installments (EMIs) payable: .........................
5. Amount of EMIs
a) ........................................(.........EMIS)
b) ........................................(.........EMIS)
c) ........................................(.........EMIS)
d) ........................................(.........EMIS)
6.
7.
8.
9.
Number of EMIs payable in advance: .........................
Date of presentment of 1st EMI or Standing Instruction or Electronic Clearing Service (ECS) instruction: .........................
The EMI presentation date shall depend on the date of disbursement of loan.
The following fees/charges shall be payable by you to Indiabulls Financial Services Limited with respect to the loan :
a) Delayed Payment Fee : 2% to 3% per month (Compounding monthly).
b) Bounce cheque charges : Rs. 500/- for each of cheque dishonred. This charge is in addition to the Delayed Payment Fee as stated above.
c) Prepayment charge : up to 6% of the principal outstanding in case foreclosure is within one year of the financing otherwise 4% of the principal outstanding.
10.
The disbursal of the loan shall be at the sole discretion of Indiabulls Financial Services Limited.
11.
The following fees/ charges shall be payable by you to Indiabulls Financial Services Limited with respect to the loan:
a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
k)
l)
Stamping Charges : ...........................................................
Valuation Charges (Secured Loan) : ...................................
Admin Charges : .................................................................
Processing Fee : ............ of the loan amount + service tax @ 12.36% of the processing fee.
Credit Assessment Charges : Rs. 500/ECS Charges : Rs. 250/Cheque Swap Charges : Rs. 750/Loan Cancellation Charges : Rs. 1000/Loan Re-Booking Charges : Rs. 1000/Statement of Account Charges : Rs. 500/Duplicate NOC Charges : Rs. 500/Duplicate Repayment Schedule : Rs. 500/**Service tax will be extra as applicable on above charges.
Indiabulls Financial Services Limited shall, at its sole discretion and under intimation to you, be entitled to amend or modify the term and
conditions of the loan and all such amendment or modification, shall be deemed to be effective and binding on you.
By accepting this letter, I, .............................. confirm that I have read / I have been read out and understood the contents of MID as aforesaid, I also
12.
confirm that I have not been promised any free gift/discount or any other commitment whatsoever which is not documented in the loan
agreeemnt with Indiabulls Financial
Services Limited or any other document. Further I confirm that no cash/bearer cheque has been collected
from me with respect of the loan.
Signature of Applicant .............................................
RM/BM Signature.............................................
Signature of Guarantors/Co-Applicant.....................................
Date: ................................................................
Signature of Guarantors/Co-Applicant.....................................
Signature of Guarantors/Co-Applicant.....................................
REQUEST FOR DISBURSEMENT
To
Date__________________
Dear Sir,
Reg. : AUTHORISATION FOR DISBURSEMENT
Kindly prepare the disbursement cheque(s) against Loan Agreement No..............................................
Dated.................................... for a loan Amount of Rs.........................................................................................
against Vehicle No. (s) ...................................................................................... in the name of the following
persons (s) /dealer(s) after deducting ............................................................................................................
.........................................................................................................................................................................
1. Name ........................................................................... S/o .....................................................................
Address ....................................................................................................................................................
.................................................................................................................................................................
Cheque No. ......................................... Dated ................................... for Rs......................................drawn
on .............................................................................................................................................................
2. Name ........................................................................... S/o .....................................................................
Address ....................................................................................................................................................
.................................................................................................................................................................
Cheque No. ......................................... Dated ................................... for Rs......................................drawn
on .............................................................................................................................................................
I/We hereby confirm that your disbursement of the loan proceeds to such person(s) / dealer(s) in
accordance with the instructions given by me/us pursuant to this letter will constitute a disbursement of
the loan proceeds to me / us.
Thanking you,
Yours faithfully,
Borrower(s) ...............................................
...................................................................
...................................................................
Guarantor(s) .............................................
...................................................................
...................................................................
...................................................................
...................................................................
VERNACULAR LANGUAGE DECLARATION
I,....................................................................., son / daughter of ....................................................., adult and inhabitant of
........................................................ residing at ....................................................................................................................
do hereby state and declare on solemn affirmation as under :
I have read out and explained the contents of the loan documents and all other documents incidental to availing the
loan from Indiabulls Financial Services Ltd. to Mr. / Mrs. ..........................................................................................................................
and he / she / they / have understood the same and do hereby agree to abide by all the terms and conditions of the loan
and the clauses of the same. Pursuant to the same the Borrower is affixing his signature / thumb impression herein
below.
I declare that whatever I have stated hereinabove is true and correct to the best of my knowledge and belief,.
Solemnly affirmed at ...................................on this ........................................day of .........................................20
Signature of Borrower ............................................
....................................................................
Signature / Thumb Impression of
1. Signature of Guarantor/Co-Applicant ...........................................
2. Signature of Guarantor/Co-Applicant ...........................................
3. Signature of Guarantor/Co-Applicant ...........................................
Name ......................................................................................................
Place .......................................................................................................
Date ...................................................
Borrower
Location........................................
Dear Sir,
Sub : Request for non-PDC funding
I / We am / are availing finance of ..................................................no. of..............................................vehicles through your
HP / Hypothecation facility.
Due to various reasons I / We would not be in a position to give Post Dated Cheques for repayment of the monthly instatments.
Indiabulls Financial Services Limited has consented to extending finance without Post Dated Cheques based solely on my
/ our request subject to my / our adhering to the terms and conditions outlined below :
1.
I/ We shall make regular payments on the due dates, as per repayment schedule without any reminders being given.
2.
In case of payments through cheques, I / We shall arrange to send the cheque equal to EMI to your office at least 2 days
before the due date.
3.
I / We would not be expecting a reminder on the due dates, for every months.
4.
Additional Finance Charges for the delayed days will be paid at the rate mentioned in the agreement.
5.
Cheque bouncing charges of Rs. _____/- is payable for any bouncing.
Thanking you,
(
)
Name of customer and signature
LETTER OF WAIVER
:
From
Dated : ______/______/_______.
---------------------------------------------,
:
Place
--------------------------------------------,
--------------------------------------------,
To,
Indiabulls Financial Services Ltd.,
__________________________,
__________________________,
__________________________,
Messers,
W ith
reference
to
the
cheques
executed
by
me/us
in
your
favour,
I/We
hereby
place
on
record that in case of dishonour of any of the cheque(s), I/We waive/dispense with the notice of
dishonour of the cheque(s) by you to me/us.
Yours faithfully,
Sd. by BORROWER
Date :......./........./...........
To,
The Manager,
Sub. : Application for Signature Verification of Individual
Dear Sir / Madam,
We hereby agree in principle to finance one vehicle / extend a loan facility to the
proposer Mr./Mrs.
S/o / W/o
R/o
who is also your existing account holder in your esteemed bank. Please verify and
attest his/her signature against account No.
and endorse the same from your office.
Thanking you,
For Indiabulls Financial Services Ltd.
(Authorised Signatory)
Signature of Account's Holder
(Signature Verified/Attested)
Bank Manager's Signature
Seal
Place:
Date:
To
The Manager
Ms Indiabulls Financial Services Limited 448-451, Phase V, Gurgoan
Haryana
Dear Sir,
Re: Date of Birth Confirmation
-I thank you very much for considering my loan application on Commercial Vehicle(s) and in this regard
I have submitted necessary documents at your branch. As I am currently not having Date of Birth proof,
I hereby confirm that my Date of Birth is ……………….. (DD/MM/YYYY).
This information is the best of my knowledge.
Thanking you
Yours truly
Signature of (Applicant/Co-applicant/Guarantor)*
Name and Address
* Strike off whichever is not applicable
Date:
To,
The Manager
Indiabulls Financial Services Ltd.
Indiabulls House, 448-451, Udyog Vihar,
Phase 5, Gurgaon - 122001
Dear Sir,
Sub: Request for deduction of Processing Fee (including ST) from disbursement Cheque.
In respect to my/our application for loan on my/our vehicle(s) no _________________
_________________
_________________ and _________________, I/we_____________________ am/are availing loan upto
Rs.
___________ (in words) ______________________________________________________________from
Indiabulls Financial Services Ltd. I/we hereby authorise you to deduct processing fee (including ST) of
Rs.__________ (in words) ________________________________from the disbursement amount and the balance
may be paid as per authority letter given.
Yours faithfully,
Borrower's Name Sign and Date
: __________________________
(
)
PDC HANDSOFF FORMAT
Date :
To,
The Branch Credit Manager
Indiabulls Financial Services Ltd.
Dear Sirs,
Sub : PDCs drawn towards Agreement No. ______________________ dated _____________.
In respect to the Agreement No. ________________ dated _____________, we are enclosing herewith
the following cheques to enable you to present the same on due dates of instalments falling due. We
authorize you present these cheques in the banks on due dates of the instalments and we hereby
undertake to honor the cheques on presentation.
DETAILS OF CHEQUES DELIVERED
Cheques Drawn on : __________________________________________________________<<Name of
the Bank & Branch> Cheques nos from ______________to _____________<<(if they are in serial no. from
the same bank and branch)>> and
_____________Nos. Amount Rs. _______________/-<<(in case the amount is the same)>>
Sr. No. Cheque Cheque Amount Sr. No. Cheque Cheque Amount Sr. No. Cheque Cheque Amount
No.
Date
No.
Date
No.
Date
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
Yours faithfully,
Borrower’s Name Sign and Date :
_______________________ Date : ______________
(
)
Sales Officer Name/Branch Sales Manager Sign:
_______________________ Date : ______________
(
)
Branch Credit Manager Name, Sign and Date :
_______________________ Date : ______________
(
)
LETTER OF AUTHORIZATION FOR DEDUCTION OF CHARGES
Date…………………..
To
Indiabulls Financial Service Limited,
New Delhi.
Reg: Authorization for deduction of Charges.
Dear Sir,
This is with reference to the Loan sanctioned to me/us; I/we hereby authorize Indiabulls Financial
Services Limited (“IBFSL”) to deduct the following charges from the Loan disbursement.
1. Stamp Charges
2. MAX Insurance (Stamp Charges)
3. ECS Charges
Total
: Rs……………………....
: Rs……………………....
: Rs………………………..
: Rs.....................................
Apart from the above I/we hereby consent, agree and authorize IBFSL to pay the fees and charges for
the services provided by “IBFSL” such as Loan cancellation, Rebooking of Loan, issuance of
duplicate NOC, Statement of account, Duplicate Repayment schedule, swapping of repayment
instructions/Post dated Cheques and other charges and Fees as mentioned in the MID (Most
Important Documents). The service tax will be extra as applicable.
I/we shall not make any claim for the above charges whatsoever at a later stage.
Customer Signature :
Date
:
Place
:
Indiabulls Financial Services Limited
…………………………………………………………Branch
Letter Evidencing Execution of Documents
Date………………….
Place…………………
I/We, the undersigned confirm that the following loan documents were executed by ......................................
........................................................................................................................................................................
(Name of the Executants i.e. Borrower or Guarantor)
On…………….................……………in respect of the Credit facilities viz ………………………… ..........
granted to M/s…………………….………………………………………………………............................
(Name of the Borrower) in our presence
DESCRIPTION OF THE DOCUMENT
1.
2.
3.
Mr. /Ms. / Mrs. ……………………………………… has affixed his/her Right hand / Left Hand thumb
impression on the above documents in my/our presence. The contents of the above documents have been
explained to him/her.
Name
1.
2.
Designation with
Employee Code
Signature
UNDERTAKING
I, ------------------------------------------ S/o ----------------------------- R/o ------------------------------------------------, or a
company incorporated under the Companies Act, 1956, with its registered office situated at
_______________________________________________, do hereby solemnly confirm, declare and undertake as under:
1.
That I/we have availed financial assistance for the purchase of the vehicle(s) which is/are more
particularly mentioned in the Schedule annexed hereto from Indiabulls Financial Services Limited
and the name of Indiabulls Financial Services Limited has been endorsed in the Registration
Certifciate(s) Book of the aforesaid vehicle(s).
2.
That ------------ (Mention date) being a non working day of ------------------Insurance
Company, I/we am/are unable to get the name of Indiabulls Financial Services Limited
endorsed in the Insurance policy of the aforesaid vehicle(s).
3.
That I/we undertake to get the name of Indiabulls Financial Services Limited endorsed in the
Insurance policy of the aforesaid vehicle(s) on or before --------.
4.
That in case of any loss / damage to the aforesaid vehicle(s) due to any reason i.e. accident, theft,
otherwise, Indiabulls Financial Services Limited shall be the total loss payee.
5.
That I/we do hereby relinquish all my rights in regards to any loss to the aforesaid
vehicle(s) due to any reason whatsoever, in favour of Indiabulls Financial Services
Limited.
Schedule
(Details of the Vehicle(s))
S. No.
Registration No.
Engine No.
Chassis No.
Executed by me/us on this______day of_____________, 20_____ at ___________.
Signature
fire or
Amount in Rupees
SRTO DECLARATION
Dated: __________
To,
The Manager,
Indiabulls Financial Services Limited,
Sub: Declaration of My Fleet Size
Sir,
I hereby declare that I own the following vehicles mentioned below in my personal / family members name
Sr.
Name of
Registered
Owner
Vehicle
Registration
Number
1
2
3
4
5
6
7
8
9
10
Thanking You,
Name of the Borrower(s)
______________________
Signature of the Borrower(s)
Model
Make
Relation
with
Borrower
Fee /
Financed
Current
Market
Value
Declaration for Classification under Priority-Sector of Small Road and Water Transport Operators
From:
___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________
Date: _______________
To,
Indiabulls Financial Services Limited,
Dear Sirs,
Re: Loan-cum-Hypothecation Agreement dated
With reference to the Loan Cum Hypothecation Agreement referred to above by & between you and me/us
for the purchase of the Vehicle(s), I / we hereby declares that (including the Vehicle(s) financed / proposed to
be financed under the said Agreement) the total value of investments in these vehicles (excluding
investment in land, building, etc) is less then Rs. 2,00,00,000/- (Rs. Two Crores).
Further, I also declare that plying of the above said vehicles is my / our sole source of income and livelihood.
Thanking You
Yours truly,
For ______________________________
Name:
1. ___________________________ (Borrower(s))
__________________
(Authorized Signatory)
Designation: _______________________
2. ___________________________ (Borrower(s))
Designation: _______________________
* Stamp & Seal of the Borrower(s) if Company or Firm
__________________
(Authorized Signatory)
Declaration for Classification under Agri-Vehicles used for Transportation of Agricultural Products
From:
___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________
Date: _______________
To,
Indiabulls Financial Services Limited,
Dear Sirs,
Re: Loan-cum-Hypothecation Agreement dated
With reference to the Loan Cum Hypothecation Agreement referred to above by & between you and me/us
for the purchase of the Vehicle(s), I / we hereby declares that (including the Vehicle(s) financed / proposed to
be financed under the said Agreement) the total value of investments in these vehicles (excluding
investment in land, building, etc) is less then Rs. 2,00,00,000/- (Rs. Two Crores).
Further the Vehicle(s) being purchased by me / us is / are to be used / being used exclusively for the purpose
of transportation of agricultural materials including agricultural inputs and outputs, between the agricultural
farms and the agricultural markets including Mandies.
Thanking You
Yours truly,
For ______________________________
Name:
1. ___________________________ (Borrower(s))
__________________
(Authorized Signatory)
Designation: _______________________
2. ___________________________ (Borrower(s))
Designation: _______________________
* Stamp & Seal of the Borrower(s) if Company or Firm
__________________
(Authorized Signatory)
UNDERTAKING BY BORROWER
To
Indiabulls Financial Services Limited
448-451, Udyog Vihar
Phase- V, Gurgoan
Dear Sir(s):
I/we, _______________________________________________ (hereinafter referred to as the
“Borrower") refer to the Loan Agreement dated ________________ entered into between the Borrower
and Indiabulls Financial Services Limited (“Lender”) (hereinafter referred to as the “Loan Agreement")
in respect of the Vehicle(s) Loan up to Rs.___________ to be lent and advanced/lent and advanced to the
Borrower by the Lender (hereinafter referred to as the “Loan") on the terms and conditions set out in the
said Loan Agreement, for or in connection with financing the purchase of vehicle(s).
As stipulated in the said Loan Agreement the said Loan is to be secured by hypothecation of the vehicle(s)
purchased.
I/we hereby state that I/we have identified the particular vehicle(s) I/we wish to purchase under the
finance/refinance scheme of IBFSL
Details of vehicle(s)
Seller(s) name and address:
I/we am/are aware that I/we have to comply with various formalities prior to creation of the said security in
favour of the Lender, including but not limited to ensuring a thorough inspection of the condition of the
vehicle(s) in question (hereinafter referred to as the “Vehicle(s)”) and verifying that the title(s) of the
seller(s) to the said Vehicle(s) is/are clear. I/we have already carried out requisite action in this behalf.
I/we agree and confirm that I/we am/are fully satisfied about the condition of the Vehicle(s) and I/we further
agree, confirm and undertake that the Lender shall under no circumstances be held liable for any payments
that may arise in future (including but not limited to statutory dues, taxes, losses, damages etc) on account of
the Vehicle(s) or on account of title(s) to the Vehicle(s) not being clear as aforestated.
I/we further agree, confirm and undertake that I/we shall fully indemnify defend and hold harmless the
Lender and its directors, officers, employees, representatives, agents and assigns from and against any and
all liability to third parties (including but not limited to liabilities, judgments, damages, losses, claims, costs
and expenses, including attorneys fees and expenses) any other loss that may occur, arising from or relating
to any breach of the above undertakings/ warranties on my/our part.
Pending compliance of requisite formalities and pursuant to creation of effective security in favour of the
Lender as stipulated in the said Loan Agreement, the Lender has at my/our request, agreed to release
payment to the Borrower/ the aforesaid Seller(s) out of the said Loan for acquisition of the Vehicle(s) by the
Borrower.
In consideration of the above premises, the Borrower hereby agrees with and undertakes to the Lender that:
(i)
the Borrower has personally inspected/ ensured the thorough inspection of the condition of
the Vehicle(s) and is fully satisfied about the condition of the Vehicle(s) including verifying
that the title(s) of the seller(s) to the said Vehicle(s) is/are clear.
(ii)
the Lender shall under no circumstances be held liable for any payments that may arise in
future (including but not limited to statutory dues, taxes, losses, damages etc) on account of
the Vehicle(s) or on account of title(s) of the seller(s) to the Vehicle(s) not being clear.
(iii)
The Borrower shall fully indemnify defend and hold harmless the Lender and its directors,
officers, employees, representatives, agents and assigns from and against any and all liability
to third parties (including but not limited to liabilities, judgments, damages, losses, claims,
costs and expenses, including attorneys fees and expenses) any other loss that may occur,
arising from or relating to any breach of the above undertakings/ warranties on the part of the
Borrower. I/we agree that any breach or default in complying with all or any of the aforesaid
undertaking(s) will constitute an event of default under the Loan Agreement.
I/we am/are aware that it is on the faith of my/our aforesaid undertakings that the Lender has agreed to make
the aforesaid payment to the Seller/Broker/Financier out of the said Loan.
Dated this ______ day of _______________ 2009
Yours faithfully,
Signature of Applicant
(Applicant name and address)
LETTER OF GUARANTEE
To,
Indiabulls Financial Services Ltd.
In consideration of INDIABULLS FINANCIAL SERVICES LIMITED a Public Limited Company with its Registered Office F-60,
IInd Floor, Malhotra Building, Connaught Place, New Delhi - 110 001. hereinafter called "The Company". entering into Loan
Agreement No..................................................Dated..................................with.........................................................................
..................................................................................................residing at ..........................................................................
..............................................and Mr.................................................S/o............................................R/o............................................
.............................................................................................................................................................................................
called "The Borrower" in respect of the...................................................more fully described in the schedule to the above
mentioned agreement.
I,................................S/o.............................................................Residing at ......................................................................................................
................................................................................................................................................................................................. and hereby called
as "The Guarantor(s)" do hereby undertake and guarantee personally and from out of my/our personal assets the due and
punctual payment of all and every sum payable by the Borrower under the said Loan Agreement and the due performance and
observance by the Borrower of all stipulations and conditions contained therein and do further agree to pay the Company all
the sums which from time to time may become due to the Company under the said agreement.
I/We further agree that this guarantee shall be continuing and irrevocable guarantee and shall not be avoided, released or
affected by the company giving time to Borrower for payment of any sums due or making any variation by the Company the
Borrower in the terms of the said Agreement. The terms of this Guarantee shall remain in force till all amount be payable by
borrower(s) are duly and completely repaid in full to the entire satisfaction of the company.
All the rights of the Company shall remain in full force, notwithstanding any neglect or forbearance or delay in the enforcement
by the Company of any of the terms of the aforesaid Agreement with the Borrower. It is agreed that only in the event of the said
Agreement being completely fulfilled by the Borrower, I shall be entitled to obtain only on my demand from the Company a full
and complete discharge of all my obligations under the terms and conditions of the Guarantee.
The guarantee contained herein shall not be affected by any change in the constitution of the Company or of the Borrower(s).
The expression "The Company", " The Borrower" and "The Guarantor" shall include wherever the context so admits, or means,
their respective successors, assigns, administrators, executors and legal representatives.
IN WITNESS WHEREOF, I.............................................................................................................................................................
signed the Guarantee at......................................................this...............................................................................day of
..........................................................................
........................................................................
Signature
RECEIPT FOR VEHICLE
Date .........................
Indiabulls Financial Services Ltd.,
Address..............................................................
...........................................................................
...........................................................................
I / We .......................................................................................................................................hereby acknowledge having received from
Indiabulls Financial Services Limited, through Messrs....................................................................................................................Truck
Chassis with / without cabin without body, bearing Engine No................................................................................................Chasis
No........................................................................in good order and condition, to my / our satisfaction complete with all tools and
accessories, under the terms of Loan Agreement dated......................................................................................................
..................................................signed by me / us with you. Your company need have no concern with registration or obtaining
permits etc., which will be done myself / ourselves. I/We will make no claim for the vehicle having any defect therein as I / We
have taken the delivery after making thorough enquiries regarding the condition and fitness and the price of the motor vehicle
and the tools and accessories and after having thoroughtly satisfied myself / ourselves in all respects.
..........................................................................
(Borrower)
Date .........................
Indiabulls Financial Services Ltd.
Dear Sirs,
Engine No. .....................................................
Chassis No. ...................................................
1.
I / We agree and confirm that the said chassis which has been delivered to me / us by M/S.............................................
...............................................................................................................................................................................................................at
................................................................in................................................will be registered in...........................................................
with and endoresement in your name until all the dues on the contract are paid to you and the vehicle
is released to me / us.
2.
I/We also agree and confirm that we will obtain and maintain at our expense comprehensive insurance against loss or
damage to the vehicle including without limitation destruction or loss by fire, theft and unlimited third
party risks with ..............................................................................................................insurance company with a lien on the
policy marked in your favour until all dues on the contract are paid and the vehicle is released to me / us.
Yours faithfully
Witness
: .................................................
Borrower
:
.................................................
Witness
: .................................................
Guarantor
:
.................................................
To
.......................................................................
.......................................................................
.......................................................................
Dear Sirs,
Sub.
:
Endorsement of Indiabulls Financial Services Ltd.,........................................................................
In Insurance Policy No. .......................................................................in respect of Vehicle with
Registration No. ...............................................................
This is to inform you that the vehicle(s) under the above insurance policy has been hypothecated in favour of Indiabulls
Financial Services Limited under Loan Agreement No. ...........................
We request you to endorse the said Vehicle in favour of Indiabulls Financial Services Limited and the loss payee shall
be Indiabulls Financial Services Limited.
Kindly send the certificate to Indiabulls Financial Services Limited at the earliest.
Kindly acknowledge receipt on the duplicate copy enclosed.
That Indiabulls Financial Services Limited is duly authorised to represent me for all purposes required and to settle all
claims on my behalf.
Please mail the certificate to
Indiabulls Financial Services Limited
............................................................
............................................................
Yours faithfully
...............................................
(Borrower)
SALE LETTER
From (Seller's Address)
To (Purchaser's Address)
Sir,
On having received the sum of Rs. ..........................................as consideration for my / our vehicle (with all parts and
accessories) of make............................................Model No..............................bearing registration No.............................................
Enginee No..........................................................Chasis No.........................................................................., I have today sold to you the
said vehicle in good condition, with all parts and accessories. I am delivering to you the vehicle alongwith the documents
required for transfer of ownership to you. Please acknowledge your having taken delivery of the vehicle by signing this
sale-cum delivery letter issued to you in triplicate and return the triplicate to me retaining the original with you.
RECEIPT
Received today (..................................................) from ......................................................................the sale consideration
of Rupees................................................(Rupees................................................................................................................)
for the sale to him of my vehicle with the details mentioned above in good condition with parts accessories.
1.
2.
STAMP
SALE RECEIPT
I / We .............................................................................................................................................................................................
......................................................................................................................................................................................................
have this ..............................................................day of ..................................................at....................................................
sold and delivered my / our Motor Vehicle bearing Regn. No..................................................................................................
Make ..................................................................Engine No............................................................................................................
Chasis No...................................................................to........................................................................................................
for the sum of Rs......................................(Rupees.........................................................................................................................
....................................................................................................................................) only and received the full amount of
sale price by Cash / Demand Draft / Cheque bearing No. .................................................................................................................
Rs.
...................................
Re. 1
BORROWER
Revenue
Stamp
Date ....................................
From
...............................................................................
...............................................................................
...............................................................................
To
Dear Sir,
REG. : AUTHORIZATION FOR KEEPING MY AGREEMENTS WITH YOU AS CROSS COLLATERAL
:I hereby authorize you to keep my following agreements as cross collateral. My agreement numbers are
S. NO.
Thanking you,
Yours faithfully
Borrower(s)
AGREEMENT NO.
VEHICLE NO.
Date ....................................
From
...............................................................................
...............................................................................
...............................................................................
To
Dear Sir,
REG. : AUTHORIZATION FOR KEEPING MY AGREEMENTS WITH YOU AS CROSS COLLATERAL
:I hereby authorize you to keep my following agreements as cross collateral. My agreement numbers are
S. NO.
Thanking you,
Yours faithfully
Guarantor(s)
AGREEMENT NO.
VEHICLE NO.
To
Indiabulls Financial Services Ltd.,
Dear Sir,
Reg. : offer of collateral for my Loan Agreement No................................ Dated.........................
This has reference to the above mentioned agreement entered with you. Pursuant to the said agreement I offer the following
assets as collalteral security.
S. NO. Asset Type
Make
Model
Registration No.
Engine No.
Chasis No.
I undertake to execute any further agreement as required by you, to this effect whenever required and in the manner and format
required by you.
Yours faithfully,
Borrower(s)
To
Indiabulls Financial Services Ltd.,
Dear Sir,
Reg. : offer of collateral for my Loan Agreement No................................ Dated.........................
This has reference to the above mentioned agreement entered with you. Pursuant to the said agreement I offer the following
assets as collalteral security.
S. NO. Asset Type
Make
Model
Registration No.
Engine No.
Chasis No.
I undertake to execute any further agreement as required by you, to this effect whenever required and in the manner and format
required by you.
Yours faithfully,
Guarantor(s)
Date ....................................
From (B)
...............................................................................
...............................................................................
...............................................................................
To
The Manager
Indiabulls Financial Services Limited
Being unable to pay the dues under Loan Agreement with you dated .................................................................................... in
respect of my contract No....................................................................Vehicle No..................................................................
bearing Engine No .........................................................Chassis No.........................................I/We hereby surrender the said
vehicle including all accessories, bodywork and fittings to you which is the absolute sole property of Indiabulls Financial
Services Limited. I / We request you to sell my vehicle and the sale proceeds thereof be adjusted in my account towards the
upto date arrears due from me.
I/ We authorise you to sell my vehicle at the price you may think fit. I shall not hereinafter question in regard to the sale of the
vehicle. I/We further declare and undertake that I/ We shall be liable for any deficiency / shortfall is the sale price from total
outstanding due and payable to you. I/We further authorise you to effect transfer of ownership and permit of the vehicle at the
R.T.O. in favour of Indiabulls Financial Services Limited.
This letter is irrevocable on my / our part.
Yours faithfully
...................................................................
(Borrower)
SALE-LETTER (INSURANCE)
Date...........................
From
...............................................................................
...............................................................................
...............................................................................
To
...............................................................................
...............................................................................
...............................................................................
Dear Sir,
REG. TRANSFER OF INSURANCE POLICY AND CERTIFICATE
VEHICLE NO...............................POLICY NO.............................................
I / We have this day..................................................sold my / our Vehicle bearing Registration No.......................................
to..............................................................................................................................................................................................
.................................................................................................................................................................................................
and request you to transfer the abovesaid policy in his / her / their name and oblige.
Thanking you,
Yours faithfully,
Make of Vehicle ......................................................
Year of Mgf..............................................................
Engine No................................................................
Chassis No..............................................................
NOTICE OF ASSIGNMENT
From
Date ...........................................
To
......................................................................................
......................................................................................
......................................................................................
Dear Sirs,
We ............................................................. hereby notify you that we have this day executed a deed
of assignment in favour of .............................................................................................................................
and our contractual right and interest in the Loan Agreement with respect to a Motor Vehicle Registered
No. .................................................................. Chassis No. .........................................................................
Enginee No. ......................................................... Make & Model .................................................................
entered into by us on .......................................................................................................
and whereas under this deed of assignment all amounts due and becoming due and payable to us under
the said Loan Agreement with future interest have been assigned in favour of the said Bank. You are
hereby required to pay all sums due, becoming due and payable under the said Loan Agreement to the
above said company.
We acknowledge receipt of the
copies of this notice
For
(Authorised Signatory)
(Assignor)
Borrower(s)..........................................................
.............................................................................
.............................................................................
Guarantor(s)..........................................................
.............................................................................
.............................................................................
ACKNOWLEDGEMENT OF DEBT
Dated : _____/____/_____
From ............................................................................
............................................................................
............................................................................
............................................................................
To,
THE MANAGER
INDIABULLS FINANCIAL SERVICES LIMITED
Indiabulls House, 448-451, Udyog Vihar,
Phase 5, Gurgaon - 122 001.
Dear Sir,
Sub. :
Vehicle Registration No. : ____________________________
With reference to the Loan Agreement dated ____/____/______, entered between me / us and you and
demand promissory note dated _____________ executed by me/us for the aforesaid vehicle, I/We hereby
acknowledge / confirm my/our liability to you of Rs. _____________________________ (Rupees
__________________________________________only) as on ____/____/________ for the payment of
the amounts due.
STAMP
Yours faithfully,
:[BORROWER(S)]
:
NAME
Dated : _____/____/_____
To,
THE MANAGER
INDIABULLS FINANCIAL SERVICES LIMITED
Indiabulls House, 448-451, Udyog Vihar,
Phase 5, Gurgaon - 122 001.
Sub. : Vehicle No. : ______________________, Chassis No. : _______________________
and Engine No. : ________________
Dear Sir,
Being unable to pay the dues under Loan Agreement, I/ We acknowledge that you had repossessed the
above said vehicle on account of my default. I thank you for granting me time to arrange the payment.
I/We have now paid you the entire dues towards the said vehicle and have availed the Receipt No.______
____________________, dated ________________________ for Rs. __________________ from you
towards the full and final settlement and have taken the vehicle back in my/our custody from you in proper
condition. I/ We confirm the amount arrived at for the full and final settlement is correct and I/We will not
dispute the correctness of the figures and method on the basis of arriving at the final settlement figure at
any time in the future. You are requested to issue me the duly signed Form 35 for enabling me to cancel
your/ Bank's endorsement from the RC Book.
This letter is irrevocable on my/our part.
Thanking you,
Yours faithfully,
BORROWER
Dated : _____/____/_____
From ............................................................................
............................................................................
............................................................................
............................................................................
To,
THE MANAGER
INDIABULLS FINANCIAL SERVICES LIMITED
Indiabulls House, 448-451, Udyog Vihar,
Phase 5, Gurgaon - 122 001.
Dear Sir,
Sub : No Dues Certificate & Acknowledgment of HPT/Termination of endorsement of
Hypothecation (Form 35) regarding the vehicle No. :____________________________
With reference to the above-reffered agreement, I/We have settled the matter with you without any
pressure, force, coercion or undue influence on me/us, out of my/our own free consent and will. I/We have
received the H.P.T. along with the No Dues Certificate / Letter from you after making full and final
settlement of the account. I/We have no claim against you of any nature whatsoever.
Yours faithfully,
BORROWER(S)
Dated : _____/____/_____
To,
THE MANAGER
INDIABULLS FINANCIAL SERVICES LIMITED
Indiabulls House, 448-451, Udyog Vihar,
Phase 5, Gurgaon - 122 001.
Sub. : Vehicle No. : ______________________, Chassis No. : _______________________
and Engine No. : ________________
Dear Sir,
I/We acknowledge that since I/We have defaulted on the terms and conditions of the Loan Agreement, you
as Lenders, have enforced the terms of the Loan Agreement and taken possession of the vehicle
mentioned above.
I/We request you to defer any action in the matter for a period of _______________________ days to
enable me to clear of the entire arrears. In the menatime, I/We request you to puruse to terminate the Loan
Agreement by the company as I/We would be paying you all the arrears in Loan Agreement installments,
alongwith the expenses and costs incurred by you in connection with the repossession of the vehicle and
charges incurred during the period when the vehicle was in your custody.
In case I/We fail to pay the arrears as mentioned above within ______________ days, you may sell the
above vehicle and I/We shall not question the price obtained on the sale of the vehicle. In case after the
sale, any amount still remains to be paid, I/We undertake to pay the same on demand. In case after the
sale, any amount remains surplus towards the entire dues, may be refunded to me through A/c Payee /
Cheque.
Thanking You,
Yours faithfully,
BORROWER
Dated : _____/____/_____
To,
THE MANAGER
INDIABULLS FINANCIAL SERVICES LIMITED
Indiabulls House, 448-451, Udyog Vihar,
Phase 5, Gurgaon - 122 001.
Sub. : Vehicle No. : ______________________, Chassis No. : _______________________
and Engine No. : ________________
Dear Sir,
Being unable to pay the dues under Loan Agreement, I/ We acknowledge that you had repossessed the
above said vehicle on account of my default and thereafter I further failed to meet my commitment of
making the payment of my dues towards aforesaid vehicle as assured vide my letter dated
____________________.
I/We have now approached you to arrange to sell said vehicle and the sale proceeds thereof be adjusted
in my Loan A/c towards the outstanding dues. In case after the sale, any amount still remains to be paid,
I/we undertake to pay the same. In case after the sale, any amount remains surplus towards the entire
dues, may be refunded to me through A/c Payee Cheque.
I/We authorise you to effect transfer of ownership of the vehicle at the RTO in favour of the purchaser of
the above said vehicle. For this purpose, I am handing over From 29, 30 duly signed by me.
This letter is irrevocable on my/our part.
Thanking You,
Yours faithfully,
BORROWER(S)
INDIABULLS FINANCIAL SERVICES LIMITED
Branch Address :
...............................................................................................................................................................................................................................
...............................................................................................................................................................................................................................
REGD POST
To
1.
Dated : ........................
Mr/Mrs....................................................................................... (Borrower)
....................................................................................................
....................................................................................................
....................................................................................................
....................................................................................................
2.
Mr/Mrs....................................................................................... (Guarantor No. 1)
....................................................................................................
....................................................................................................
....................................................................................................
....................................................................................................
3.
Mr/Mrs....................................................................................... (Guarantor No. 2)
....................................................................................................
....................................................................................................
....................................................................................................
....................................................................................................
First Notice for default in payment of Installment by borrower for vehicle No. ..............................................
financed under our loan Agmt. No. .....................................
Sir,
1.
Our Company has financed the aforesaid vehicle on loan to the addressee no. 1 for which
addressee No. 2/3 stood as Guarantor for fulfillment of terms and conditions of the agreement
and payment of installments to the aforesaid company.
2.
That the addressee No. 1 promised to pay puncually all the installment on due on dates but fail
to pay the dues to the company in time and till date Rs........................................................................
is outstanding as arrears against the borrower. It is pertinent to mention that the aforesaid
outstanding does not include overdue charges.
3.
That you the addressee No. 2/3 as stood guarantor for addressee no. 1 for repayment of the
all amount in time to the company. That your liability, along with the addressee no. 1 is joint and
several, so in your own interest you should arrange to secure the payments of the company.
4.
That by this notice company provides opportunity to pay aforesaid outstanding arrears within
7 days of receipt of this notice to the branch office to the company and obtain receipt for the
same.
Kindly take notice that failure to deposit aforesaid due installments within 7 days of receipt of this
notice, the company shall have no option except to initiate legal proceedings both Criminal and Civil
(Arbitration) proceedings against the party to the agreement & may also repossess the vehicle after
due process at your own risk, cost and consequences thereof which please note.
Copy of this notice has been retained by the company for future action.
Thanking you
Branch Manager
INDIABULLS FINANCIAL SERVICES LIMITED
Branch Address :
...............................................................................................................................................................................................................................
...............................................................................................................................................................................................................................
REGD POST
To
1.
Dated : ........................
Mr/Mrs....................................................................................... (Borrower)
....................................................................................................
....................................................................................................
....................................................................................................
....................................................................................................
2.
Mr/Mrs....................................................................................... (Guarantor No. 1)
....................................................................................................
....................................................................................................
....................................................................................................
....................................................................................................
3.
Mr/Mrs....................................................................................... (Guarantor No. 2)
....................................................................................................
....................................................................................................
....................................................................................................
....................................................................................................
Second Notice for default in payment of Installment by borrower for vehicle No. ..........................................
financed under our loan Agmt. No. .....................................
Sir,
1.
Our Company has financed the aforesaid vehicle on loan to the addressee no. 1 for which
addressee No. 2/3 stood as Guarantor for fulfillment of terms and conditions of the agreement
and payment of installments to the aforesaid company.
2.
That the addressee No. 1 promised to pay puncually all the installment on due on dates but fail
to pay the dues to the company in time and till date Rs........................................................................
is outstanding as arrears against the borrower. It is pertinent to mention that the aforesaid
outstanding does not include overdue charges.
3.
That you the addressee No. 2/3 as stood guarantor for addressee no. 1 for repayment of the
all amount in time to the company. That your liability, along with the addressee no. 1 is joint and
several, so in your own interest you should arrange to secure the payments of the company.
4.
That by this notice company provides opportunity to pay aforesaid outstanding arrears within
7 days of receipt of this notice to the branch office to the company and obtain receipt for the
same.
Kindly take notice that failure to deposit aforesaid due installments within 7 days of receipt of this
notice, the company shall have no option except to initiate legal proceedings both Criminal and Civil
(Arbitration) proceedings against the party to the agreement & may also repossess the vehicle after
due process at your own risk, cost and consequences thereof which please note.
Copy of this notice has been retained by the company for future action.
Thanking you
Branch Manager
INDIABULLS FINANCIAL SERVICES LIMITED
Branch Address :
...............................................................................................................................................................................................................................
...............................................................................................................................................................................................................................
REGD POST
To
1.
Dated : ........................
Mr/Mrs....................................................................................... (Borrower)
....................................................................................................
....................................................................................................
....................................................................................................
....................................................................................................
2.
Mr/Mrs....................................................................................... (Guarantor No. 1)
....................................................................................................
....................................................................................................
....................................................................................................
....................................................................................................
3.
Mr/Mrs....................................................................................... (Guarantor No. 2)
....................................................................................................
....................................................................................................
....................................................................................................
....................................................................................................
Third Notice for default in payment of Installment by borrower for vehicle No. ..............................................
financed under our loan Agmt. No. .....................................
Sir,
1.
Our Company has financed the aforesaid vehicle on loan to the addressee no. 1 for which
addressee No. 2/3 stood as Guarantor for fulfillment of terms and conditions of the agreement
and payment of installments to the aforesaid company.
2.
That the addressee No. 1 promised to pay puncually all the installment on due on dates but fail
to pay the dues to the company in time and till date Rs........................................................................
is outstanding as arrears against the borrower. It is pertinent to mention that the aforesaid
outstanding does not include overdue charges.
3.
That you the addressee No. 2/3 as stood guarantor for addressee no. 1 for repayment of the
all amount in time to the company. That your liability, along with the addressee no. 1 is joint and
several, so in your own interest you should arrange to secure the payments of the company.
4.
That by this notice company provides opportunity to pay aforesaid outstanding arrears within
7 days of receipt of this notice to the branch office to the company and obtain receipt for the
same.
Kindly take notice that failure to deposit aforesaid due installments within 7 days of receipt of this
notice, the company shall have no option except to initiate legal proceedings both Criminal and Civil
(Arbitration) proceedings against the party to the agreement & may also repossess the vehicle after
due process at your own risk, cost and consequences thereof which please note.
Copy of this notice has been retained by the company for future action.
Thanking you
Branch Manager
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SIGNATURE VERFICATION OF COMPANY/PARTNERSHIP FIRM
TO WHOM IT MAY CONCERN
Dated : ____/____/________
Re : Signature Verfication of Mr./Mrs._________________________.
Dear Sir,
This is to confirm that the signatue of Directors/Partners of M/s. __________________________________________
having Current A/c. No. ______________________________________________ has been verified as per our records.
It is further certified that the above mentioned account has been maintained at this branch for __________years.
S. No. Name of Directors/ Partners
Specimen Signature of
Director/ Partners
01
______________________________________
______________________________________
02
______________________________________
______________________________________
03
______________________________________
______________________________________
04
______________________________________
______________________________________
05
______________________________________
______________________________________
Signature of Directors/Partners
Attested
Signature of Banker with Rubber
Stamp, Name and Designation of
Officer who attested the signature
___________________________
___________________________
Authorised Signatory No.
Name & Address of Branch
Applicable only in case of a Partnership Firm
LETTER OF AUTHORITY FROM PARTNERS
TO WHOM IT MAY CONCERN
PLACE : _______________
Dear Sir,
We, the undersigned are carrying on partnership business in the name & style of _________________________________
at _______________________________________________________________________________________________
do hereby declare that our partnership is formed vide Partnership Deed dated ____/_____/______ Notwithstanding anything
contrary in the above Partnership Deed, we hereby authorise Mr./Ms. ___________________________________________,
S/o ______________________________________ R/o _____________________________________, who is one of the
partner of the above firm, to do the acts and things mentioned below :-
(a)
to execute a Loan form Indiabulls Financial Services Limited and to execute the Vehicle Loan Agreement and all other
documents on behalf of our firm for taking the _____________________________________________________
inrespect of the Loan.
(b)
And generally to do all such act and thing that may be required for the above.
All documents so executed by the above referred person, will be binding on our firm and on all of us as pertners of the firm and
our liability will continue notwithstanding the dissolution of the firm. We further certify that the above mentioned vehicle is being
taken by our firm for the business of the firm.
Name
[Sd. With Rubber Stamp-Partner No. 1]
Name
[Sd. With Rubber Stamp-Partner No. 2]
Name
[Sd. With Rubber Stamp-Partner No. 3]
Name
[Sd. With Rubber Stamp-Partner No. 4]
Name
[Sd. With Rubber Stamp-Partner No. 5]
Note :
a)
Must be typed on the letterhead of the Partnership Firm.
b)
All partners should sign their full signature alongwith the seal of the firm.
c)
Letter to be taken without date.
AUTHORITY LETTER OF BORROW REQUIRED FROM
PARTNERSHIP FIRM
Date : ____/____/_________
To,
Indiabulls Financial Services Limited
Dear Sir,
:We, the partners carrying on the business in the name of M/s _______________________________________ declare
a)
That we are considering availing of a loan up to Rs. _______________/-, from, you to purchase or against the security
:of vehicle(s), of the following description and Serial/Registration No. and date of manufacture
All the terms and conditions for your loans as stated in your Agreement are acceptable to us.
b)
We do hereby authorise our partners _________________________ & _________________________, whose
specimen signatures are appended below, to borrow the loan and to do all such acts and to execute all necessary
documents, including promissory note, power of attorney, Loan Agreement and issue of post-dated cheques for and
on behalf of the firm, as you may require.
c)
All acts done and documents executed by the aforesaid partners, shall bind the firm and each of us had ourselves done
such acts and executed such documents.
We the undersigned, the partners in the said firm are jointly and severally responsible to you, for the liabilities of the firm with
you. You may recover your claims and dues from any or all of the partners of the firm and the estate of any deceased partner.
Whenever any change occurs in our partnership, we undertake to inform you of the same in writing and our individual
responsibility to you will continue until we receive from you, an acknowledgement of that letter and until all our liabilities with
you are discharged.
The account of the firm may be operated upon by and under the signature of any one of the undersigned and all documents,
promissory notes, cheques etc. may be signed by any one of the undersigned in the name of the firm and shares, securities
and valuables held by you in any account whatsoever of the firm, may be withdrawn by any of the undersigned on his/her
passing and receipt or discharge in the name of the firm, and all such acts and operations will be binding on the firm.
In the event of the death or retirement of any partner, you shall be entitled, at your option, to deal with the surviving or continuing
partner or partners as the case may be and release the securities, if any, held by you for your dues, to such surviving or
continuing partner or partners against receipt of any such amounts as you may in your discretion, consider proper, without in
any way affecting your right to recover the balance of your dues from the retiring partner or the heirs and legal representatives
of the deceased partner.
(Signature of ___________________)
Duly authorised by us
Stamp and Signature of the firm
Yours faithfully
S.No.
1.
2.
3.
Full Name of the Partners
Signature of the Partners
(to be prepared on the letter-head of Company taking financial assistance)
BOARD RESOLUTION FOR COMPANIES
TO WHOM IT MAY CONCERN
We hereby certify that the folliwing ia s true copy of the Resolution passed by the Board of Directors of
_______________________________________________________________________________________ at their
meeting held on ______/______/________ at ____________________________________________.
"RESOLVED THAT the Company to take a ___________________________________________________ vehicle on Loan
from Indiabulls Financial Services Limited., having its Registered Office at F-60, IInd Floor, Malhotra Building, Connaught
Place, New Delhi - 110 001, on the following terms and conditions.
a)
The vehicle shall be used for the business of the Company.
b)
The loan will be repayable in monthly/quarterly
instalment as per the terms of the agreement.
RESOLVED FURTHER THAT __________________________________________________________________________
Director and/or ____________________________________________________________Director/Secretary of the Company
be and are hereby jointly and severally authorised to negotiate the terms of the loan and make, enter into, execute and deliver
any agreement, including Loan Agreement, documents, Promissory notes, Power of Attorney, Cheques and such other as
may be necessary to give effect to the above resolution.
We further certify that the above resolution if in full force and effect and shall not be modified or cancelled subsequently.
____________________________________
[CHAIRMAN / DIRECTOR / SECRETARY]
The signature of ______________________________________________________ authorised to execute the transaction
is verified hereunder.