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The Peer To Peer Loan Contract serves as a legally binding document for formalizing lending arrangements between individuals in India. This document is essential when individuals wish to engage in direct lending without involving traditional financial institutions. It incorporates all necessary elements required under Indian contract law, including RBI guidelines for P2P lending platforms if applicable. The contract should be used whenever a personal loan is extended between individuals, whether for business, personal, or educational purposes. It includes crucial details such as loan amount, interest rate, repayment schedule, default provisions, and any security arrangements. The document ensures compliance with state-specific money lending regulations and provides adequate protection for both lender and borrower interests through clear terms and conditions.

1. Parties: Identification of the Lender and Borrower with complete details including name, address, age, and PAN number

2. Background: Context of the loan agreement and relationship between parties

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

4. Loan Amount and Purpose: Specification of the loan amount, purpose of the loan, and disbursement details

5. Interest Rate: Interest rate, calculation method, and payment frequency

6. Repayment Terms: Repayment schedule, payment method, and prepayment provisions

7. Representations and Warranties: Declarations by both parties regarding their capacity and authority to enter into the agreement

8. Borrower's Covenants: Obligations and commitments of the borrower during the loan term

9. Events of Default: Circumstances that constitute default and consequences thereof

10. Remedies: Rights and remedies available to the lender in case of default

11. Notices: Method and addresses for serving notices between parties

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

13. Execution: Signature blocks and witness details