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Credit Application Agreement

Credit Application Agreement Template for India

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Key Requirements PROMPT example:

Credit Application Agreement

"I need a Credit Application Agreement for a mid-sized tech startup seeking working capital financing from an Indian bank, with specific provisions for intellectual property as collateral and multiple drawdown phases starting from March 2025."

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Document background
The Credit Application Agreement serves as the foundational document in the credit approval process within the Indian banking and financial services sector. This document is essential when individuals or organizations seek credit facilities from financial institutions in India, establishing the preliminary framework for the credit relationship. It incorporates requirements from various Indian regulatory bodies, including the Reserve Bank of India (RBI), and ensures compliance with key legislation such as the Banking Regulation Act, 1949, and the Consumer Protection Act, 2019. The agreement typically precedes the actual credit facility and includes comprehensive details about the applicant's financial position, credit requirements, proposed security arrangements, and declarations required under Indian law. It also establishes the basis for KYC compliance, credit evaluation procedures, and preliminary terms that would govern any subsequent credit facility.
Suggested Sections

1. Parties: Identification of the lender and the credit applicant with complete details as required by KYC norms

2. Background: Context of the credit application and relationship between the parties

3. Definitions: Detailed definitions of terms used throughout the agreement

4. Credit Facility Details: Specifics of the credit facility being applied for, including amount, purpose, and type

5. Interest and Fees: Detailed breakdown of interest rates, processing fees, and other charges

6. Repayment Terms: Terms and schedule of repayment, including payment methods and dates

7. Representations and Warranties: Declarations by the applicant regarding their financial status, legal capacity, and accuracy of information

8. Covenants: Ongoing obligations of the applicant during the credit facility period

9. Events of Default: Circumstances constituting default and consequences thereof

10. Security: Details of any security or collateral provided for the credit facility

11. Privacy and Data Protection: Terms regarding the collection, use, and protection of applicant's personal and financial data

12. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for disputes

Optional Sections

1. Co-Applicant Details: Required when there is a co-applicant or guarantor for the credit facility

2. Insurance Requirements: Included when insurance is mandatory for the credit facility

3. Electronic Communication Consent: Required for digital communication and online account access

4. Special Drawdown Conditions: Included for credit facilities with specific drawdown requirements or multiple tranches

5. Cross-Default Provisions: Required when the applicant has multiple credit facilities with the institution

6. Prepayment Terms: Included when early repayment options are available

7. Assignment and Transfer: Required when the credit facility may be assigned or transferred to other institutions

Suggested Schedules

1. Schedule 1 - Fee Schedule: Detailed breakdown of all applicable fees, charges, and interest rates

2. Schedule 2 - Repayment Schedule: Detailed EMI or repayment schedule with dates and amounts

3. Schedule 3 - Security Details: Comprehensive description of security/collateral provided

4. Schedule 4 - KYC Documents: List of required KYC documents and their status

5. Appendix A - Application Form: Completed credit application form with all applicant details

6. Appendix B - Supporting Documents: List of all supporting documents provided with the application

7. Appendix C - Terms and Conditions: Detailed general terms and conditions of the credit facility

8. Appendix D - Declaration Form: Standard declarations and consents from the applicant

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions










































Clauses






























Relevant Industries

Banking

Financial Services

Consumer Finance

Corporate Finance

Real Estate

Retail

Manufacturing

Agriculture

Infrastructure

Small and Medium Enterprises

Education

Healthcare

Technology

Professional Services

Relevant Teams

Legal

Credit Risk

Compliance

Operations

Customer Relations

Credit Administration

Documentation

Risk Management

Front Office

KYC & AML

Treasury

Credit Committee

Underwriting

Relevant Roles

Credit Manager

Loan Officer

Relationship Manager

Credit Risk Analyst

Legal Counsel

Compliance Officer

Branch Manager

Credit Committee Member

Financial Advisor

Banking Operations Manager

Chief Risk Officer

KYC Officer

Credit Administration Officer

Documentation Specialist

Treasury Manager

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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