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Unsecured Credit Agreement

Unsecured Credit Agreement Template for India

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Key Requirements PROMPT example:

Unsecured Credit Agreement

"I need an Unsecured Credit Agreement for a ₹50 lakh business loan from ABC Bank to XYZ Tech Solutions Pvt Ltd, with quarterly repayments over 3 years starting March 2025, including specific covenants for maintaining minimum working capital ratios."

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Document background
The Unsecured Credit Agreement serves as a legally binding document for extending credit without requiring collateral or security from the borrower. This agreement is commonly used in India by banks, financial institutions, and other lenders when providing personal loans, business loans, or credit facilities based solely on the borrower's creditworthiness and income capacity. The document incorporates all requirements under Indian contract law, banking regulations, and RBI guidelines, making it suitable for both corporate and individual lending. It includes comprehensive provisions for loan terms, interest calculations, repayment schedules, borrower obligations, and default scenarios, while ensuring compliance with Indian usury laws and fair lending practices.
Suggested Sections

1. Parties: Identification of lender and borrower with complete details including registration/identification numbers

2. Background: Context of the loan agreement and brief description of the purpose

3. Definitions: Definitions of key terms used throughout the agreement

4. Loan Amount and Purpose: Specification of the credit amount and its intended use

5. Interest Rate and Calculations: Details of interest rate, calculation method, and effective annual rate

6. Repayment Terms: Payment schedule, payment methods, and prepayment provisions

7. Representations and Warranties: Statements of fact and assurances from the borrower

8. Borrower Covenants: Ongoing obligations and restrictions on the borrower

9. Events of Default: Circumstances constituting default and consequences

10. Remedies: Lender's rights and remedies upon default

11. Notices: Communication methods and contact details for formal notices

12. Governing Law and Jurisdiction: Specification of Indian law and jurisdiction

13. Miscellaneous: Standard boilerplate provisions including severability, amendments, and entire agreement

Optional Sections

1. Guarantee: Include when a third-party guarantor is involved in the credit arrangement

2. Insurance: Include when specific insurance requirements are imposed on the borrower

3. Cross-Default: Include when default on other loans should trigger default under this agreement

4. Financial Covenants: Include for business borrowers when specific financial metrics must be maintained

5. Co-Borrower Provisions: Include when there are multiple borrowers

6. Electronic Execution: Include when agreement may be executed electronically

7. Force Majeure: Include when specific force majeure provisions are required beyond standard contract law

Suggested Schedules

1. Schedule 1 - Repayment Schedule: Detailed amortization schedule with payment dates and amounts

2. Schedule 2 - Fee Schedule: List of all applicable fees, charges, and their calculation methods

3. Schedule 3 - Borrower Information: Detailed information about borrower including KYC documents

4. Schedule 4 - Condition Precedents: List of conditions to be satisfied before loan disbursement

5. Appendix A - Form of Draw Down Notice: Standard form for requesting loan disbursement

6. Appendix B - Compliance Certificate: Template for periodic compliance certification by borrower

7. Appendix C - Standard Notice Forms: Templates for various notices under the agreement

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 and Financial Services

Retail

Manufacturing

Information Technology

Real Estate

Healthcare

Education

Agriculture

Small and Medium Enterprises

E-commerce

Professional Services

Relevant Teams

Legal

Compliance

Risk Management

Finance

Credit Operations

Treasury

Documentation

Business Development

Branch Operations

Relationship Management

Credit Analysis

Corporate Banking

Retail Banking

Relevant Roles

Credit Manager

Loan Officer

Legal Counsel

Compliance Officer

Risk Manager

Financial Controller

Chief Financial Officer

Treasury Manager

Credit Analyst

Relationship Manager

Operations Manager

Documentation Specialist

Company Secretary

Business Development Manager

Branch 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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