Indian Bank Student Loan Agreement Form

 

AGREEMENT

The agreement for availing of interest subsidy under the Central Scheme of Interest Subsidy on Student’s loan for Professional Education in India made at ___________ on this  __________ day of ______________ in the year ______________  BETWEEN Sri/Smt._ Sri/ Smt.________ _______________ _____________ _____ (Parent/G (Parent/Guardi uardian) an) S/o. D/o. _______________ _____________________ ______ aged  ____________ years, residing at _________________________________________  AND Sri/Sm Sri /Smt._ t.____ _______ ________ ________ ________ ________ _______ ___ (Stude (Student) nt) S/o. S/o. D/o. D/o. _______ ___________ ________ _______ ____ _ age aged d years,

residing

at

_____ ___ ____ ___ _____ ___ _____ ___ __

Sri/Sm Sri /Smt._ t.____ _______ ________ ________ ________ ________ _______ _______ ____

S/o. S/o.

rep eprresented

by

father

/

gu guaardi diaan

D/o.___ D/o._______ ________ ________ _______ _______ _____ _

 ______________ years residing at ____________________________________ 

aged aged

 

-2Parent and Student hereinafter jointly called the Borrowers and individually as Borrower as the FIRSTP FIR STPART ART (Which (Which term term wherev wherever er the context context so requir requires es or admits admits shall shall also also includ includee his/her/their, executors and assigns). AND   ______ __________ ________ _______ _______ ________ ________ ____ Bank Bank a body corpor corporate ate constit constitute uted d under under the Banking Banking compan com panies ies (Acqui (Acquisit sition ion & Transf Transfer er of Und Undert ertaki aking) ng) Act. Act. 12970 12970 having having its Head Head Office Office at   ___ ______ ______ _____ _____ _____ _____ _____ _____ _____ _____ ___ an and d ha havi ving ng amon among g ot othe herr of offi fices ces,, a br bran anch ch of offi fice ce at   ______________ _____________________ _______________ __________ __ represented represented by their duly constitute constituted d attorney attorney Sri/Smt Sri/Smt   ______________ _____________________ _______________ ______________ ______ hereinafte hereinafterr called called the ‘Bank’ (Which (Which expression expression wherever wherev er the context so requires or admits admits shall also include include its attorneys, attorneys, Administrator Administrators, s, Successors and Assigns) of the OTHER PART. Borrowers and ___________________________________ Bank shall be individually referred to herein as a ‘Party’ and collectively as ‘Parties’ WHEREAS 1. The The bo borr rrowe owers rs availe availed/ d/in inte tend nd to av avai aill Educ Educat atio iona nall Loan Loan fr from om th thee Bank Bank an and d th thee Bank  Bank  sanct sanctio ioned ned/a /agre greed ed to san sanct ctio ion n Rs Rs.. ………… ……… …

……………… ………………..

;……… ;…………… ………… ………… ………… …….. (Rup (Rupee eess ..... ....... .... .... .... ...… .…… …

……………… ……………………… ……………… ……………… ……………… …………… …………) ……)

for 

 pursuing technical/professional education in India. The Borrowers in consideration of the said sanction/promi sanction/promise se has executed/sha executed/shall ll execute execute the Educational Educational Loan Agreement, Agreement, besides besides such other agreement/s or security/es as per the Model Educational Loan Scheme. 2. Integrated Integrated Finance Finance Division, Division, Department Department of Higher Higher Education, Education, Ministry Ministry of Human Human Resource Development, Government of India (MoHRD) has come out with a Central Scheme of  Interest Subsidy on Students' Loan for Technical/Professional Education in India (hereinafter  called the Interest Subsidy Scheme) to provide interest subsidy on the education loans, availed by students having lower than a specified parental income as decided by the MoHRD in the said Scheme for pursuing professional education in India, during their study/repayment holiday, from the Academic Year 2009-2010. 3. The borrowers borrowers represente represented d that they are eligibl eligiblee for interest interest subsidy subsidy under the said said interest interest Subsidy Scheme and requested the Bank to grant such benefit to them. 4. Based on the the documents documents submitte submitted d by the Borrower Borrowers, s, the Bank Bank agreed to to extend the the benefit benefit under the said interest subsidy Scheme to the Borrowers and the parties hereto desire to enter  into an agreement setting out the terms and conditions as hereinafter appearing, in addition to the loan/security documents executed/to be executed e xecuted by the Borrower/s.

IT IS HEREBY AGREED AND DECLARED BY AND BETWEEN THE PARTIES AND THIS DEED WITNESSETH AS FOLLOWS; 1. The borrow borrower erss here hereby by covenan covenant: t: a. That That they have read read and underst understood ood the inter interest est Subsi Subsidy dy Scheme Scheme of the MoHRD MoHRD which is enclosed as part of this Agreement and declare and affirm that they are eligible under the said Scheme and are eligible for the interest subsidy as per the said Scheme.  b. That the they y shall produce produce all all proof and and documents documents or any other other further/ further/suppor supporting ting

 

-3documents as required by the Bank/MoHRD. c. That That all the claus clauses es contai contained ned in the the Educat Educationa ionall Loan- Agre Agreeme ement nt or any other  other  documents executed by them shall be binding on them and this is in addition to the covenants/ clauses contained in the said Agreement/documents. d. That they shall shall return/ return/ refund refund the amount amount received received towards towards interest interest subsidy subsidy under  under  the Scheme, with applicable rate of interest then prevailing, forthwith on a mere demand by the Bank under the following circumstances; i.if MoHRD rejects the interest subsidy claim in respect of their Educational Loan Account for whatever reason; or  ii.if it is found that the subsidy has been claimed by misrepresentation/fraud or  iii.if Borrower/s fails/s to furnish the documents/information, which they are called upon to furnish: or  iv.if Borrower commit breach of any of the covenants herein contained on the terms and conditions conditions of the Scheme as amended from time to time on any of the- declarations made herein is found false/ incorrect; or  v.if Borrowers commit breach of any of the covenants contained in the Educational Loan Agreement or any other documents/s executed by the Borrower/s: or  vi. if the Borrower/s discontinue the said professional education in India; or  vii. Any other reason by which the Bank recalls the said Educational Loan. The Bank shall also have the right to recall the loan, if the said refund id not made within the  period stipulated by the Bank in its demand, besides the right not to claim further reimbursement