Agreement For Personal Power Loan

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AGREEMENT FOR PERSONAL POWER LOAN

THIS AGREEMENT IS MADE at the place & date mentioned in the Schedule attached hereto between Borrower(s) whose name(s) is/are mentioned
in the Schedule attached hereto of ONE PART and the AXIS Bank Ltd., a body corporate, incorporated under the Companies Act, 1956 and having
its Registered Office and Central Office at Ahmedabad and Mumbai respectively through its branch at the place as mentioned in the Schedule (herein
after called the "Bank") of the Second Part. The expressions "Borrower" and the "Bank", unless repugnant to the context, shall include their respective
heirs, representatives, successors, executors, administrators and assigns. In the Agreement, singular shall include plural and the masculine gender
the feminine or neutral gender. The expression Borrower shall, when more than one, include all of them collectively or any of them individually, as the
context may require.
IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS
1. Definitions and Interpretation 1.1 In this Agreement, the following capitalized words shall have the following meanings:
"Agreement" means the Personal Power Loan Agreement

"Bank" means AXIS Bank Ltd., a Company incorporated under The Companies Act, 1956 and a Banking Company within the meaning of the Banking
Regulation act, 1949 and having its registered office at "TRISHUL", 3rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellis Bridge,
Ahmedabad - 380 006 acting in these presents through its branch at the place as mentioned in the Schedule "B" and include its successors and
assigns.
"Borrower" means one or more individual(s), singly or collectively, as the case may be or a sole proprietary firm, whose name(s) and address(s) is/are stated
in Schedule "B" executing this agreement as borrower(s) and
1. In case when the Borrower is one or more individual(s) each one being deemed to have made this Agreement individually and in case of more
than one, all of them having agreed to liabilities hereunder jointly and severally and the term "Borrower" shall include his/her/their respective
heirs, executors,
Administrators and legal representatives and permitted assigns.
2. In case the Borrower is a sole proprietary firm, the person whose name appears as a Sole Proprietor and the term Borrower shall include
his/her/their heirs, executors, administrators and legal representatives and permitted assigns.
"Branch" means the branch of the Bank at the place mentioned in the Schedule "B" and where the Personal Power Loan is disbursed and shall include
any other branch where the Personal Power Loan account is maintained or transferred to any time at the sole discretion of the Bank.
"EMI" or "Equated Monthly Installment" shall mean the amount payable every month by the Borrower to the Bank comprising of interest, or as the case
may be, principal and interest.
"Personal Power Loan" means the loans granted by the Bank in terms of this Agreement. The expression "Personal Power Loan" shall also mean to include
the principal amount of loan and all dues outstanding there under if the context so requires.
"Savings Account/s" means the salary account/s of the Borrower/s maintained with Axis Bank's GOREGAON RAC branch (if any).
"Interest Rate" means the rate at which the Bank shall compute and apply interest on the Personal Power Loan, as stated in the Schedule "B" or as
may be amended from time to time by the Bank.
"Default Interest Rate" means the rate at which the Bank shall compute and apply interest on all amounts not paid when due for payment (or
reimbursement) by the Borrower to the Bank, as stated in the Schedule "B" or as may be amended from time to time by the Bank.
"Parties" means the Bank and the Borrower referred to collectively.
"Schedule" means the schedules of this Agreement.

1.1.1 In this Agreement, singular shall include plural and the masculine gender the feminine or neutral gender.
1.1.2 Any expression not defined herein shall, if defined under General Clauses Act, 1897 shall carry the same meaning as assigned to it under the said Act.
1.2 The arrangement of clauses in this Agreement shall have no bearing on their interpretation.
2. Bank's agreement to lend and Borrower's agreement to borrow
2.1 The Bank agrees, based on the Borrower's Request, Representations, Warranties, Covenants and Undertakings as contained herein and in the application
for Personal Power Loan and other documents executed or tendered by the Borrower in relation to the Personal Power Loan, to lend to the Borrower
and the Borrower agrees to borrow from the Bank, the Personal Power Loan on the terms and conditions as fully contained in this Agreement
and the Schedule "B".
2.2 The relationship between the Bank and the Borrower as lender and borrower shall commence from the date of this Agreement and subsist until all monies due and
payable by the Borrower to the Bank under this Agreement and in all other documents pursuant hereto shall have been fully paid to and received by the Bank.
3. Fees, Charges, Costs and Claims
3.1 The Personal Power Loan shall bear Service Charges and any other fees as mentioned in the Schedule "B", which the Borrower agrees to reimburse
to the Bank separately.
3.2 The Bank shall be entitled to recover from the Borrower Prepayment Charges at the rate mentioned in the Schedule "B" on the amount of Personal
Power Loan, repaid by the Borrower ahead of the Repayment Terms as mentioned in the Schedule "B".
3.3 The Bank shall also be entitled to recover from the Borrower any other charges or costs incurred or claims suffered by the Bank in connection with the Personal
Power Loan, including on account of execution and stamping of this Agreement and any other documentation or security creation pursuant to this Agreement.
4. Disbursement
4.1 The Bank shall, unless agreed between the Borrower and the Bank otherwise and as stated in the schedule "B", disburse the Personal Power Loan by
issuing a Banker's Payment Order or a Demand Draft crossed as "A/c Payee only"
( i) in the name of the previous financier towards the repayment of the previous loan to be taken over by utilising the Personal
P ower Loan. ( ii) in the name of such party/ ies as per the instructions of the borrower. ( iii) in the name of the borrower at
discretion of Bank.
(iv) The Bank shall have an unconditional right to cancel the undrawn/unavailed/unused portion of the Loan at any time during the subsistence of the Loan, without any
prior
notice to the borrower, for any reason whatsoever. In the event of any such cancellation, all the provisions of this Agreement and all other related documents
shall continue to be effective and valid and the Borrower shall repay the outstanding dues under the loan duly and punctually as provided herein
X__________________________
(Signature of the borrower)

Agreement For Personal Power Loan

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Application ID -

AGREEMENT FOR PERSONAL POWER LOAN

IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS

"Agreement" means the Personal Power Loan Agreement

"Parties" means the Bank and the Borrower referred to collectively.

"Schedule" means the schedules of this Agreement.

(Signature of the borrower)

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