Loan Agreement
Secure. Customizable. Legally Enforceable.
4.9 (103 reviews)
Last Updated: June 2025
What is a Loan Agreement?
A Loan Agreement is a legally binding contract between a lender and a borrower that sets out the terms under which the loan is extended and repaid. It details repayment schedules, interest rates, security (if any), covenants, and default clauses.
Whether it’s a personal loan, business loan, or inter-company lending, a professionally drafted agreement ensures protection, transparency, and enforceability for all parties involved.
📜 Service Description
A Vakilify-drafted Loan Agreement typically includes:
Loan Amount & Disbursement – Principal amount, payment mode, disbursement timeline
Repayment Terms – EMI structure, tenure, due dates, grace period
Interest Clause – Fixed or floating rate, penalty interest, prepayment options
Collateral / Security – Details of pledged assets or guarantees (if applicable)
Default & Remedies – What happens in case of late or non-payment
Governing Law & Jurisdiction – Clearly defined legal jurisdiction
Termination & Settlement – Early closure, full & final settlement clauses
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Loan Agreement
🏛 Laws Governing Loan Agreements in India
Your agreement will comply with:
Indian Contract Act, 1872
Transfer of Property Act, 1882 (if secured by immovable property)
Negotiable Instruments Act, 1881
Indian Stamp Act & Registration Act
RBI Guidelines (for NBFCs or formal lenders)
How it works?
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- Defines scope, payment, deadlines
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