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Loan Agreement Format

Loan Agreement Format

This Agreement is made at ____________ on this ___ day of ______________ , between :- Mr. ________ resident of _______________ (hereinafter called the Part of First PART )

AND

_____________ S/o _______________ R/______________________ hereinafter called the party of the second part)

WHEREAS the second party is in need of money and is having friendly term with the party of the first part and requires a sum of Rs. ____________/- (Rupees Seventy Five thousand only)

AND WHEREAS, the first party has agreed to give the said loan amount to the party of the second part and in lieu of this payment this receipt cum agreement is being executed between the parties.

AND WHEREAS, in lieu of repayment of the loan amount the second party has issued a post dated Cheque bearing its No. _______ dated __________ for Rs. ________/- drawn on _________ Bank, _______ from his saving Account No. ________

If the above mentioned Cheque would not encashed on its presentation then the first party shall have right to file a Criminal complaint under section 138 of the Negotiable Instruments Act and under section 420 of IPC and the first party shall have also right to launch other criminal proceedings as well as civil proceedings against the second party and the second party shall be fully responsible for the same.

In witnesses whereof the parties of this agreement have set their respective hands on the date month and year first above given.
WITNESES –

1. FIRST PARTY

2. SECOND PARTY


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