LOAN AGREEMENT

MAS FINANCIAL SERVICES LIMITED

This LOAN AGREEMENT is made at the place and on the date stated in the Schedule I.

By and Between
Borrower whose name & address are stated in the Schedule, hereinafter called the “Borrower’ (which
expression shall, unless the context otherwise requires, include his heirs, executors and administrators) of
the One Part
AND
MAS Financial Services Limited, a Company incorporated under the Companies Act, 1956, and having its
Registered office at 6th Ground, B/h. Patang Hotel, Ashram Road, Ahmedabad-9. Gujarat, hereinafter
called “MFSL” or “the Company” or “the Lender” (which expression shall, unless the context otherwise
requires, include its successors and assigns) of the Other Part:

WHEREAS:

1. MFSL is a company engaged in the business of providing various credit /loan facilities to various
customers.

2. The Borrower has requested the company to grant loan to the Borrower. The company, relying on
the presentations made by the Borrower, has agreed to grant loan to the Borrower on the terms
and conditions mutually agreed can contained in this agreement and other loan documents in its
sole and absolute discretion.

ARTICLE 1 - DEFINITIONS

In this Agreement (as amended and in force from time to time) unless the context otherwise requires the
expressions mentioned below shall have the following meaning:
a) “Schedule” means the Schedule written after Article 15.10
b) “Property” means a residential house or a dwelling unit or a non-residential property or a plot
of land of any size and type having an independent access and includes a bungalow, an
ownership apartment, a flat, a row house etc. including land and/or the property as described
in the Schedule.
c) “Loan” means the Loan amount provided for in Article 2.1 of this Agreement and the Schedule.
d) “Loan Amount” means the Loan, and all other amounts payable by the Borrower(s) by way of
interest thereon and/or any other costs, charges, fees, expenses and other amounts payable
by the Borrower(s) in terms of this Agreement to MFSL.
e) “Repayment” means the repayment of the principal amount of the Loan, interest thereon,
and/ or any other charges, premium, fees or other dues payable in terms of this Agreement to
MFSL and as per provisions contained in Article 5 of this Agreement.
f) “Prepayment” means premature repayment of the Loan before its Due Date whether by way
of mandatory prepayment of the Loan on account of an event of default or otherwise or by
way of voluntary prepayment as the context may require as per the terms and conditions laid
down by MFSL in that behalf and in force at the time of prepayment and also mentioned in
Article 5.5 of this Agreement.
g) “Equated Monthly Instalment” or (“EMI”) means the amount of monthly payment necessary
to amortize the Loan with interest over the period of the Loan.
h) “Due Date” means the date on which the Loan amount or any part thereof becomes due and
payable by the Borrower.

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 i) “Service Partner” means_________________________________________with which MFSL
has entered into an arrangement under “AGREEMENT FOR APPOINTMENT OF SERVICE
PARTNER”

1.2 The term “Borrower” wherever the context so requires shall mean and be construed as “Borrowers”
and liability of each of the Borrowers shall be joint and several and the Masculine gender wherever
the context so requires shall mean and be construed as the feminine gender, and words denoting
singular number only shall include plural number and vice-versa
1.4 The “Schedule” hereto and the Annexure hereto shall have effect as if they are specifically herein set
forth in this agreement.
1.5 The terms and expressions not herein defined shall, where the interpretation and meaning have
been assigned to them in terms of the General Clauses Act, 1897, have that interpretation and
meaning.
1.6 Unless the context or meaning thereof otherwise requires.
(i) Masculine gender includes feminine and neutral gender and vice versa;
(ii) Singular includes plural, and vice versa;
(iii) “Person” includes an individual, a proprietor, a partnership firm, a company (as defined in
section 3 of the Companies Act, 1956), a body corporate as defined in section 2 (7) of the
Companies Act, 1956, (1 of 1956), a co-operative society and anybody or Organization of
individuals or persons whether incorporated or not.
1.7 “Third party” means any person, which is not a party to this agreement.

ARTICLE 2 - LOAN
2.1 Amount of Loan the Borrower agrees to borrow from MFSL and MFSL agrees to lend to the
Borrower, Loan Facility of the amount as stated in the Schedule and upon the terms and conditions
herein set forth.

ARTICLE 3 - INTEREST
The Borrower shall pay interest on the Loan at the rate specified in the Schedule and in the manner
Specified below:
Monthly Reducing Balance method with Fixed Interest
3.1 The rate applicable to the Loan as at the date of execution of this Agreement is as stated in the
Schedule.
3.2 Computation of interest
The Borrower shall amortize the outstanding amount of the Loan as stipulated in the Schedule in
EMIs calculated at the rate on a monthly basis as provided in the Schedule until the entire Loan has
been amortized by the Borrower with interest.
3.3 Tax/Charges payable to the Government
The Borrower shall reimburse or pay to MFSL such amount as may have been paid or payable by
MFSL to the Central/State Government and/or any other competent authority on account of any tax,
charges levied on interest (and /or other charges) on the Loan by the Central/ State Government or
such competent authorities. The reimbursement or payment of the said amount shall be made by
the Borrower as and when called upon to do so by MFSL.

ARTICLE 4 - DISBURSEMENT
4.1 Details of Disbursement
The Loan shall be disbursed in full or lump sum or in suitable installments to be decided by MFSL in
the Bank account of the Borrower, which the borrower has furnished while applying for the Loan.
MFSL’s decision in this regard shall be final and binding on the Borrower. The Borrower hereby
acknowledges the receipt of the Loan disbursed as per details given in the Schedule.
4.2 Mode of Disbursement
All payments to be made by MFSL to the Borrower under this Agreement shall be made directly by
MFSL to the Borrower by Cheque/Demand Draft/NEFT/RTGS etc. and the collection charges, if any,
in respect of all such cheques/demand drafts will have to be borne by the Borrower and the interest
on MFSL Loan will begin to accrue in favour of MFSL as and from the date of

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 delivery/dispatch/transfer of the cheques/demand drafts/RTGS/NEFT etc. irrespective of the time
taken for transit/collection/ realisation of the cheque by the Borrower or his bank.

ARTICLE 5 - REPAYMENT

5.1 Commencement of EMI

The repayment of Loan through EMI shall commence from the month following the month in which
the disbursement of the Loan is made.
5.2 MFSL has appointed Service Partner as an authorized person under the arrangement executed
between MFSL and Service Partner. Borrower is required to pay EMI on due date directly to MFSL
or Borrower can choose to pay the EMI to the MFSL’s Service Partner office. . The Service Partner
appointed by MFSL is merely acting as facilitator to collect the EMI’s on behalf of MFSL and its
appointment shall in no way shall be construed as MFSL’s waiver to collect the dues / EMI’s directly
from the Borrower. MFSL shall have all the rights to collect the EMI directly from Borrower.
5.3 Delays in Payment of EMI:
(a) Regular payment of EMIs is the essence of this contract. No notice, reminder or intimation will
be given to the Borrower regarding his obligation to pay the EMI regularly on due date. It shall
be entirely the borrower’s responsibility to ensure prompt and regular payment of EMI.
(b) The delay in payment of shall render the Borrower liable to additional interest at the agreed
rate + 3% percent per annum or at such higher rate applicable as per the rules of MFSL in that
behalf as in force from time to time. In such event, the Borrower shall also be liable to pay
incidental charges and costs over and above any taxes, service charges, interest tax as
applicable to MFSL and such charges and additional interest shall not be waived.
(c) Payment shall be deemed to be received by MFSL on the date of realization of cheque by
MFSL /Service Partner. The borrower shall be obliged to ensure that the cheques are deposited
in time at MFSL /Service Partner’s Office until and unless MFSL inform to do otherwise.
5.4 Pre-Payment
MFSL shall allow prepayment of the whole or any part of the loan, provided however- that such
prepayment shall be permissible upon the payment of 2% fees/charges.

5.5 Liability of Borrower(s) to be Joint and Several

The liability of the Borrower(s) to repay the Loan together with interest etc. and to observe the
terms and conditions of this Agreement and any other Agreement/s, document/s, that may have
been or may be executed by the Borrower(s) with MFSL in respect of this Loan, is joint and several.
5.6 The Borrower hereby irrevocably authorises MFSL to communicate with and receive the said
amounts from his employer directly.
The Borrower also to communicate with and receive any other amounts due to the borrower from
outside agencies including amount of matured life insurance policies, annuity amounts, deposits
assigned in MFSL ‘sfavor and appropriate the amounts towards his loan’ outstanding.

ARTICLE 6 -SECURITY
6.1 Security for the Loan
The Borrower agrees and undertakes that the principal amount of the Loan together with interest,
costs, charges, fees, expenses, taxes, service charges and interest tax and any other dues payable by
the Borrower to MFSL under this Agreement shall be exclusively secured in such manner including
by mortgage of the property described in the Schedule (as property address) as shall determine in its
sole discretion with MFSL having the exclusive right to decide the timing and type of the mortgage,
including the manner of its creation, or any alternate security and/ or additional security it may
require and the Borrower shall create the mortgage/security accordingly and furnish any such
alternate or additional security as may be decided by MFSL. The security would be mortgaged in
favor MFSL.
MFSL shall have first and exclusive charge over the Property. The security created under the Loan
documents and the liability of the Borrower shall not be affected, impaired, or discharged by
insolvency, bankruptcy or liquidation or winding up or by any merger amalgamation, takeover (as
the case may be)of the Borrower.

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6-2 The-Borrower shall comply with the following
(a) To give a declaration to the effect that the Borrower has a clear and marketable title to the property
to be offered as security free from reasonable doubts and encumbrances, and that the
Borrower indemnifies and keeps MFSL saved and harmless against any risk whatsoever.
(b) On occurrence of Event of Default, the Borrower shall not prevent or obstruct the lender from
taking possession of the property. MFSL or its representatives shall be entitled to sell, give on
rent or otherwise deal with property by public or private auction or private treaty, without
being liable for any loss.
(c) To execute a demand promissory note in favor of MFSL for the amount of the Loan.
(d) To execute any such Agreement/s, document/s, undertaking/s that may be required now or
hereafter at any time during the pendency of this Loan and
(e) Give postdated cheques/Security PDC as required by MFSL /Service Partner
(f) In case the borrower has provided assignment of life insurance policy, for the security for the
loan, the borrower shall continue to pay its premium to the respective insurance company,
during the pendency of this loan.
(g) Give any other collateral or additional security as required by MFSL.
(h) The borrower agrees that if in future because of any change in law/fraud/any other reason etc.
the title of the security become unmarketable then applicant should inform MFSL within 7 days
of such change. The borrower indemnifies MFSL from any losses and is bound to pay MFSL as per
agreed terms only.
(i) The Borrower shall submit for monitoring purpose the following documents within 10 days of
the next month when the documents get due:
I. Sales & purchase data for the current financial year on quarterly basis.
II. Bank statement on quarterly basis.

In case of delay in submission of the following documents, it would be considered as event of

default. MFSL may levy penalty of Rs. 2000 per month for delay or non-submission of the
documents or MFSL may take any appropriate action within the terms of the agreement executed for this
credit facility.

6.3 Cash Collateral (FLDG)

a) The Borrower Shall deposit with MFSL _% of Loan by way of cash collateral
(FLDG) amount in favour of MFSL for securing the shortfall and to be used for the purpose of
meeting shortfalls.
b) MFSL will pay the amount of FLDG along with simple interest @ % at the end of the
loan after adjusting any shortfall, over dues and other charges as levied by MFSL.

ARTICLE 7 - CONDITIONS PRECEDENT TO DISBURSEMENT OF THE LOAN

7.1 Title
The Borrower confirms and declares to MFSL that he has absolute, clear and marketable title to the
property and that the said property is absolutely unencumbered and free from any liability
whatsoever.
7.2 Other Conditions for Disbursement
The obligation of MFSL to make any disbursements under the Loan Agreement shall also be subject
to the conditions that:
(a) Non-existence of Event of Default
No event of default as defined in Article 8 shall have happened.
(b) Evidence for Utilization of Disbursement
Borrower will utilize the fund only for the purpose for which he has applied and MFSL has
sanctioned the loan.
The Borrower has assured MFSL Lthat he has complied with all other pre-conditions for
disbursement of the loan.

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(c) Extra-ordinary Circumstances
No extra-ordinary or other circumstances shall have occurred which shall make it improbable for the
Borrower to fulfill his obligations under this Agreement.
(d) Pending Legal Proceedings
The Borrower shall have furnished a declaration to the effect that there is no action, suit,
proceedings or investigation pending or to the knowledge of the Borrower threatened by or against
the Borrower before any Court of Law or Government authority or any other competent authority
which might have a material effect on the financial and other affairs of the Borrower or which might
put into question the validity or performance of this Loan agreement or any of its terms and
conditions.
ARTICLE 8 - EVENTS OF DEFAULT

8.1 (a) Payment of Dues

Default shall have occurred in payment of EMIs as provided for in Article 5.2/5.3 and in
payment of any other amounts due and payable to MFSL in terms of this Agreement.
(b) Performance of Covenants
Default shall have occurred in the performance of any other covenants, conditions or
agreements on the part of the Borrower under this Agreement or any other agreements
between the Borrower and MFSL in respect of this Loan and such defaults shall have continued
over a period of 30 days after a notice thereof shall have been given to the Borrower by MFSL.
(c) Supply of misleading information
Any information given by the Borrower in his Loan application to MFSL for loan facility is found
to be misleading or incorrect in any material respect or any warranty referred to in Article 12 is
found to be incorrect.
(d) Inability to Pay Debts
If there is reasonable apprehension that the Borrower is unable to pay his debts or proceedings
for taking him into insolvency have commenced.
(e) Depreciation of Security
If the property given as security depreciates in value to such an extent that in the opinion of
MFSLL, further security to the satisfaction of MFSL should be given and such security is not
given, in spite of being called upon to do so.
(f) Sale or Disposal of Property
If the Borrower’s property which is given as security for the Loan is sold, disposed of, charged,
encumbered or alienated.
(g) Attachment or Distrait on Properties offered as Security.
If an attachment or distrait is levied on the properties offered as security or any part thereof
and/or certificate proceedings are taken or commenced for recovery of any dues from the
Borrower.
(h) Failure to create security.
If the Borrower fails to create security as required by MFSL /Service partner
(i) Failure to furnish Information/documents by the Borrower to MFSL.
If the Borrower fails to provide any of the below mentioned information to MFSL.
i. change in the employment / profession of borrower(s) / guarantor.
ii. Any loss to the Property due to covered risk.
iii. Any litigation in relation to the Property after the Loan is availed.
iv. Possession of the Property from builder/vendor is not obtained.
v. any documents as may be required by MFSL .
8.2 Bankruptcy or Insolvency
Notwithstanding anything contrary mentioned in this Agreement, if the Borrower shall become
bankrupt or insolvent, the principal and all outstanding EMIs on the loan and any other dues shall,
thereupon, become due and payable forthwith.
8.3 Notice on the happening of an Event of Default
Upon occurrence of Event of Default If any event of default or any event which, after the notice or
lapse of time or both would constitute an event of default shall have happened, the Borrower shall,
forthwith, give MFSL notice thereof in writing specifying such event of default, or such event.

ARTICLE 9 - ASSIGNMENT
MFSL shall at any time without any consent of or notice to Borrower be entitled to pledge, mortgage
securitize, hypothecate, assign, sell, novate, charge or otherwise encumber, discount or transfer all or
any part of the MFSL’s share to the extent of Borrowers’s outstanding amount under the said agreement
or other loan agreements, to any Person (s) and in such manner and on such terms as MFSL may decide.
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Borrower authorizes company to do so and agrees to sign all the required documents as and when
demanded by the Company.

The Borrower shall not be entitled to directly or indirectly assign or in any manner transfer, whether
in whole or in part, any rights, the obligations under the Loan agreement.

ARTICLE 10 - REMEDIES OF MFSL

10.1 If one or more of the events specified in the Article 8 (hereinafter called “events of default”) occurs,
then MFSL, by a written notice to the Borrower, may declare the principal, all outstanding EMIs on
the Loan that may be payable by the Borrower under or in terms of this Agreement and/or any other
agreements, documents subsisting between the Borrower and MFSL, and any other charges and
dues to be due, and upon such declaration, the same shall become due and payable forthwith and
all securities in relation to the Loan shall become enforceable, notwithstanding anything to the
contrary in this Agreement and/or any other agreement/s or documents. MFSL will take the
possession of the Property directly from the borrower and can deal with the property in such a way
to realize its outstanding dues, the same can be done through selling the property by public Auction
or private Treaty to recover its dues. Where to attach and recover the dues of the MFSL for the
person and property, Movable / immovable of the borrower & to attach the accountable claim /
Share / Security held by the borrower and MFSL shall become entitled to take all such steps for
recovery of its dues from the borrowers as if may deem fit.
10.2 MFSL would follow the procedures laid down under the debt recovery laws including but not limited
to The Securitization And Reconstruction of Financial Assets & Enforcement of Security Interest Act
2002 (SARFAESI), Debt Recovery Tribunal Act, Civil Procedure Code etc. (Debt recovery Laws) or laid
down under any statute/regulation for taking possession of the property and attaching and selling
the property
10.3 In case the borrower commits default in any payments, MFSL shall have an unqualified right to
disclose or publish the name of the borrower as defaulter in such manner and through such medium
and to such authority, agency, institution, etc. as MFSL may in its absolute discretion think fit.
10.4 Arbitration
All disputes and differences and claims and questions whatsoever which shall either during the
continuance of the Agreement or after wards between the parties hereto or their respective
representatives touching these presents or the construction or application thereof, or any clause or
thing therein contained, or any account or liability between the Parties hereto, or as to any act, deed
or omission of any hereto in any way relating to these presents, shall be settled by arbitration in
accordance with and subject to the provisions of the Arbitration and Conciliation Act, 1996, or any
statutory modification or re-enactment thereof for the time being in force & shall be referred to the
sole arbitration of an arbitrator nominated by the company. The award given in arbitration shall be
final and binding on both the parties to this agreement.
All such arbitration proceedings shall be held and conducted in Ahmedabad or at any city in India
Company reserves its right for the same. Arbitration Proceeding shall be held and conducted in place
at the sole discretion of the company.
10.5 All the Laws applicable to company from time to time will be binding on the Borrower.

ARTICLE 11 - COVENANTS

11.1 Particular Affirmative Covenants

a) Mortgage of Property
Borrowers agrees to mortgage the loan property along with the construction on the said property,
if any.
b) Utilization of Loan
The Borrower shall utilize the entire Loan for the purpose as indicated by him in his Loan application
and for no other purpose whatsoever.
c) Maintenance of Security
The Borrower shall maintain the security, in good order and condition and will make all necessary
repairs, additions and improvements thereto during the pendency of the Loan.
d) Compliance with Rules etc. and Payment of Maintenance Charges etc.
The Borrower shall duly and punctually comply with all the terms and conditions for holding of the
property and all the rules, regulations, bye-laws etc. of the concerned Co- operative society, Association,
Limited Company or any other, Competent Authority, and pay such maintenance and other charges for

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the upkeep of the property as also any other dues etc., as may be payable in respect of said property or
the use thereof.
e) Insurance
i. It shall be the Borrower’s sole responsibility to ensure that the property financed and property
offered as security to MFSL Lis comprehensively insured against all types of risks inter alia
including fire, earthquake, riot, strike, flood, damage risk, emergency risk, natural calamities
and perils. The Borrower shall take out an appropriate insurance policy which would be valid
for the entire term of the Loan/extended term of the Loan. MFSL shall be made the
beneficiary under the policy for a value which is not less than the Loan amount or for a value
as may be required by MFSL shall continue as a beneficiary so long as the Borrower has not
fully re-paid the Loan to MFSL.
ii. In the event of loss or damage to the property and construction thereon due to insured risk, the
Borrower shall promptly inform the Insurance Company and also shall inform MFSL . The
Borrower shall be continued to be held responsible to renew the policy till the Loan amount is
fully repaid by the Borrower. In case the Borrower fails to renew the policy during the term of
the Loan/extended term of the Loan, on the property financed and the property offered as
security to MFSL, MFSL may (but shall not be obliged/bound to) renew such insurance at the
cost of the Borrower. Any premium paid by MFSL for the renewal of the policy on behalf of the
Borrower and any such cost, charges and expenses incurred by MFSL shall be charged to the
Borrower’s Loan account or the same shall be paid by the Borrower to MFSL on demand
forthwith, failing which, MFSL shall hold the Borrower responsible for any and all direct and
indirect and also consequential losses which could arise as a result of any damage to the
property and in addition, be liable to repay the Loan immediately.
iii. The borrowers shall be solely and exclusively liable to bear all consequences, in the case of any
eventuality, if the premium or outgoing are not paid and/or the policy is not kept alive.

MFSL shall not be responsible in any manner, and furthermore, the borrower/s shall continue to be
held responsible to repay all his loan obligations.

f) Loss/Damage to property
The Borrower shall promptly inform MFSL of any loss or damage to the property which the Borrower
may suffer due to any force majeure or act of God, against which the property may not
have been insured or for any other reason whatsoever.

11.2 Notify Additions, Alterations

The Borrower shall notify and furnish details of any additions to or alterations in the property which
might be made/ proposed to be made during the pendency of the Loan.

11.3 MFSL’S Right to Inspect

The Borrower agrees that MFSL or any person authorized by it shall have free access to the property
for the purpose of inspection/supervision. The Borrower further agrees that MFSL or its
representative shall have free access to the property for the purpose of inspection at any time
during the pendency of the Loan.

11.4 Negative Covenants Unless MFSL shall otherwise agree:

(a) Possession
The Borrower shall not let out or otherwise howsoever part with the possession of the property
or any part thereof.
(b) Alienation
The Borrower shall not sell, mortgage, lease, surrender or otherwise howsoever alienate the
property or any part thereof.
(c) Agreements and Arrangements
The Borrower shall not enter into any Agreement or Arrangement with any person, institution
or local or Government body for the use, occupation or disposal of the said property or any part
thereof during the pendency of the Loan.
(d) Merger
The Borrower shall not amalgamate or merge his property with any other adjacent property nor
shall he create any right of way or any other easement on the property.

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 (f) Leaving India
The Borrower shall not leave India for employment or business or for long term stay abroad
without fully repaying the loan then outstanding together with interest and other dues and
charges including prepayment charges as per the rules of MFSL then in force.
11.5. Appropriation of payments
Unless otherwise agreed to by MFSL /Service Partner, any payment due and payable under the Loan
Agreement and made by the Borrower would be appropriated towards such dues in the order,
namely:
1. Costs, charges, expenses, incidental charges, taxes, interest tax, service tax as applicable and
other monies that may have been expended by MFSL in connection with recovery:
2. Cheque bounces charges;
3. Additional interest and/or liquidated damages on defaulted amounts;
4. Interest loss due to dishonor of cheque;
5. Prepayment charge and fees;
6. Interest including outstanding EMI;
7. EMI;
8. Principal amount of the Loan.
11.6 Change in address
The Borrower shall inform MFSL forthwith as regards any change in his address for service of notice.

ARTICLE 12 - BORROWER’S WARRANTIES

12.1 The Borrower hereby warrants and undertakes to MFSL as follows:
a. Confirmation of Loan Application
The Borrower confirms the accuracy of the information given in his Loan application made to MFSL
and any prior or subsequent information or explanation given to MFSL in this behalf. The
Borrower also warrants and undertakes that no material information including other liabilities has
been suppressed by him in this loan application.
b. Disclosure of Material Changes
That subsequent to the said Loan application there has been no material change which would
affect the purchase / construction of the property or the grant of the Loan as proposed in the Loan
application.
c. Charges and Encumbrances
That there are no mortgages, charges or liens or other encumbrances or any rights of way, light or
water or other easements or right of support on the whole or any part of the property of the
Borrower.
d. Permissions, Plans etc.
That he has scrutinized and is satisfied with the building plan, commencement certificate and all
the requisite permissions pertaining to the property and that the construction is as per the
approved plan and of a satisfactory quality.
e. Litigation
That the Borrower is not a party to any litigation of a material character and that the Borrower is
not aware of any facts likely to give rise to such litigation or to material claims against the
Borrower.
f. Disclosure of Defects in Property
That the Borrower is not aware of any document, judgement or legal process or other charges of
any latent or patent defect affecting the title of the property or of any material defect in the
property or its title which has remained undisclosed and/or which may affect MFSL prejudicially.
g. Public Schemes Affecting the Borrower’s Property
That the Borrower’s property is not included in or affected by any of the schemes of Central/ State
Government or of the improvement trust or any other public body or local authority or by any
alignment, widening or construction of road under any scheme of the Central/State Government
or of any Corporation, Municipal Committee, Gram Panchayat, etc.
h. Infringement of local Laws
That no suit is pending in the Municipal Magistrate’s Court or any other Court of Law in respect of
the property to be mortgaged with MFSL nor has the Borrower been served with any Notice for
infringing the provisions of the Municipal Act or any Act relating to local bodies or Gram
Panchayats or Local Authorities or with any other process under any of these Acts.

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i. Disclosure of facts
That the Borrower has disclosed all facts relating to his property to MFSL and will make available
to them all the title deeds in his possession.
j. Due Payments of Public and Other Demands
That the Borrower has paid all public demands such as Income Tax and all the other taxes and
revenues payable to the Government of India or to the Government of any State or to any local
authority and that at present there are no arrears of such taxes and revenues due and
outstanding.
k. MFSL‘S rules
It shall be the Borrower’s obligation to keep him acquainted with the rules of MFSLMFSL, herein
referred to, in force from time to time.
ARTICLE 13 - WAIVER
13.1 Waiver not to Impair the Rights of MFSL
No delay in exercising or omission to exercise, any right, power or remedy accruing to MFSL upon
any default under this Agreement, or any other Agreement or document shall impair any such rights,
power or remedy or shall be construed to be a waiver thereof or any acquiescence in such default;
nor shall the action or inaction of MFSL in respect of any default or any acquiescence by it in any
default, affect or impair any right, power or remedy of MFSL in respect of any other default.
ARTICLE 14 - EFFECTIVE DATE OF AGREEMENT
14.1 Agreement to Become Effective from the Date of Execution
The Agreement shall have become binding on the Borrower and MFSL on and from the date of
execution hereof. It shall be in force till all the monies due and payable to MFSL under this
Agreement as well as all other agreement/s, documents that may be subsisting /executed between
the Borrower and MFSL /Service Partner are fully paid.
ARTICLE 15 - MISCELLANEOUS
15.1 Place and Mode of Payment by the Borrower
All monies due and payable by the Borrower to MFSL under the terms of this Agreement shall be
paid at the registered office or the concerned regional/branch office of MFSL until cash or cheque, or
bank draft, drawn in favor of MFSL on a scheduled bank in the town or city where such registered
office/branch/regional office is situated or in any other manner as may be approved by MFSL and
shall be so paid as to enable MFSL to realize the amount sought to be paid on or before the due date
to which the payment relates. Credit for all payments by cheque/bank draft drawn will be given only
on realization thereof by MFSL.
15.2 Inspection, Assign, Transfer etc
a) The Borrower shall permit inspection of all books of account and documents and records maintained
by him in relation to the Loan to officials of MFSL. The Borrower shall also permit such inspection by
persons, companies, auditors, banks or institutions recognized by MFSL and informed to the
Borrower.
b) The Borrower shall permit inspection of all books of account and documents and records maintained
by him in relation to the Loan to officials of MFSL. The Borrower shall also permit such inspection by
persons, companies, auditors, banks or institutions recognised by MFSL and informed to the
Borrower.
c) MFSL shall have the authority to make available any information contained in the Loan application
form and/or any document or paper or statement submitted to MFSL by or on behalf of the Borrower
and/or pertaining or relating to the Borrower and/or to the Loan including as to its repayment
conduct, to any rating or other agency or institution or’ body as MFSL in its sole discretion may deem
fit. MFSL shall also have the authority to seek and/or receive any information as it may deem fit in
connection with the Loan and/or the Borrower from any source or person or entity to whom the
Borrower hereby authorizes to furnish such information.
15.3 Expenses of preservation of Property of the Borrower and of collection
All reasonable costs incurred by MFSL /Service Partner after an event of default have occurred in
connection with:
i. Preservation of the Borrower’s assets (whether now or hereafter existing) OR
ii. Collection of amounts dues under this Agreement may be charged to the Borrower and
reimbursed to MFSL as MFSL shall specify.

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15.4 MFSL to have first charge
MFSL Partner will have first charge on the amount available from acquisition if a part or whole of the
Property under this Agreement is acquired by law / a competent authority. That means, MFSL will
receive such amount from acquisition towards outstanding dues, principal, interest, other charges
and any amount left after appropriation only will be given to the Borrower. The Borrower shall
inform MFSL immediately about any public notice, correspondence, etc. received by him. If the
Property under this Agreement comes under acquisition by law, the Borrower shall bear all expenses
to facilitate MFSL’s participation in the acquisition proceedings.
15.5 Issue of certificates
MFSL may issue suitable certificate as regards payment of any amounts paid by the Borrower to
MFSL in terms of this Agreement only if the Borrower has paid all amounts due under this
Agreement to MFSL and the Borrower has complied with all the terms of this agreement.
15.6 Communication with third party etc.
In the event of default, MFSL shall be entitled to communicate, in any manner it may deem fit, to or
with any person or persons, with a view to receiving assistance of such person or persons in
recovering of the defaulted amounts. MFSL’s representatives shall be entitled to visit the Property
and/or any place of work of the Borrower.
15.7 All the terms and conditions mentioned in the offer letter will be considered as a part of this
Agreement. However, the contents of this agreement will be considered binding if any contradiction
is found between contents of this agreement and those in the offer-letter.
15.8 MFSL may allow conversion and/or rate revision in Rate of Interest (ROI) and such revised offer
letter shall also form part of this agreement.
15.9 The Borrower agrees and confirms as follows:
(a) MFSL may return the documents of title to either/any of the Borrowers notwithstanding any
contrary advice/intimation from either/any of the Borrowers at a later date;
(b) MFSL shall have the right to receive and adjust any payment that it may receive in connection
with any insurance policy/policies against the Loan and alter the amortization schedule in any
manner as it may deem fit notwithstanding anything to the contrary contained in this
Agreement or any other document or paper.
(c) MFSL shall have the right to share information with credit bureau or kind of.
15.10 Service of Notice
Any notice or request required or permitted to be given or made under this Agreement to MFSL or
to the Borrower shall be given in writing. Such notice or request shall be deemed to have been
duly given or made when it shall be delivered by hand, mail or telegram to the party to which it is
required or permitted to be given or made at such party’s address specified below or at such other
address as such party shall have designated by Notice to the party giving such notice or making
such request:
(i) For MFSL: MAS FINANCIAL SERVICES LIMITED
REGISTERED office at 6th Ground Floor, Narayan Chambers, B/h. Patang Hotel, Ashram Road,
Ahmedabad-9, Gujarat.
(ii) For the Borrower: The residential address and/or the property address described in the
Schedule.

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 SCHEDULE
Place and Date of Loan Agreement Amortization Frequency: ___________________
Place: __________________ Interest Type: ___________________________
Date: __________________ Loan Purpose: ___________________________

Residence Address :____________________________________________________________________

Name of the Borrower ____________________

Signature of Borrower __________________________

Name of the Co- Borrower __________________

Signature of Co-Borrower ________________________

Name of the Guarantor ____________________

Signature of Guarantor _________________________

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 Article Reference

Article 2.1 Amount of Loan

Rs.______________________
(Rupees ________________________________________________________________only)

Article 3 Interest
(a) Rate of interest ________________ % per annum.

Article 5.2, 5.3 Amortization

(a) Terms of repayment ______________ years. (b) EMI Rs. _______________
(c) Number of EMIs _________
(d) Date of Commencement of EMI _______________ Day of _______________
Article 6 Description of property
Property Address
Property Bearing All that Piece and Parcel of Immovable Property, ____________________________
______________________. (Admeasuring Area: - _______________ Sq. Yard)

IN WITNESS WHEREOF the parties hereto have executed these presents on the day, month and year first
above written and in the manner hereinafter mentioned.
Signed and Delivered by the within-named Borrowers

Mr. /Mrs. /M/s. _______________________________________x ____________________________

Signed and Delivered by the within-named Co-Borrowers

Mr. /Mrs. /M/s. _______________________________________x ____________________________

Signed and Delivered by the within-named

MAS FINANCIAL SERVICES LIMITED

by the hand of
Mr. /Ms.
it’s constituted attorney / authorized official

RECEIVED the day and year first above-written from the within named MAS FINANCIAL SERVICES
LIMITED the sum of Rs. _________________(Rupees
___________________________________________________ only) as detailed in the schedule in favor
of_______________________________________ as the payee.
I / We Say Received

Name: ______________________________

Signature: ______________________________

12
 MEMORANDUM REGARDING SIGNING
IN VERNACULAR LANGUAGE / BY ILLITERATE / BY BLIND PERSON

Date : ___________________
Place : ___________________

The contents if the following legal documents given below have been read out and explained by
Me___________________________________________________________________________________
______________________________________________________________________________________
________________ (Name & Address of the witness)
to_________________________________________________________________
______________________________________________________________________________________
___________________(Name & Address of the person signing in the vernacular language)
in_______________________
(Name of the vernacular language) and same have been understood by him / her and I have also hereby
Identified his / her signature in the vernacular language.

____________________ _______________________________
Signature of Witness Signature of person signing vernacular language

The contents of the following legal documents have been read out and explained to me by (Name &
Address of the witness)
_________________________________________________________________________________
_________________________________________________________________

____________________ _______________________________
Signature of Witness Signature of person signing vernacular language

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 Demand Promissory Note

Rs. ____________________/-

ON DEMAND,I/We Name, _________________________________________________ residing at

______________________________________________________________________________________
________promise to pay to MAS FINANCIAL SERVICES LIMITED Ahmedabad, or Order, at Ahmedabad the
sum of Rs.________________________/- (Rupees in words
___________________________________________________) together with interest thereon @
_____________% per annum or such other rate as MAS FINANCIAL SERVICES LIMITED may fix from time
to time.

Revenue Stamp with Sign across Revenue Stamp with Sign across

Revenue Revenue
Stamp with Stamp with
Sign across Sign across

Applicant’s Name Co-Applicant’s Name

Place: _______________________

Date: _______________________

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