Auto Loan Agreement Template

AUTO LOAN AGREEMENT
VEHICLE DETAILS
Make: Mercedes Model: 2024 Mercedes Benz GLS Year: 2024
Color: Black Style / Body Type: SUV Drive: 4WD
VIN: 12345ABCDE6789FGH Odometer: 521
Loan Amount: Rs. 1,60,00,000 ( One Crore sixty lakh Rupees )
1. THE PARTIES. For the vehicle value received by Vedant Nair with a mailing address of
203, Vasna Rd, Sainath Park, Ashwamegh Nagar, Vasna, Vadodara, Gujarat 390015 ,
agrees to pay State Bank of India with a mailing address of 15, Laxmipura Rd,
Ashwamegh Twp, Laxmipura, Vadodara, Gujarat 390021.
2. PAYMENT. This agreement, all be due and payable, including the principal and any
accrued interest, on a monthly basis. A monthly payment of Rs. 10,00,000 (the “Balance”)
shall be made by the Borrower beginning on January 2024 and to be paid on the 1st of
every month until the Balance is paid, ending on May 2025. All payments made by the
Borrower are to be applied first to any accrued interest, and secondly to the principal
Balance.
3. INTEREST. The Note shall (check one):
- Bear interest at a rate of [%] compounded annually. The rate must be equal to or
less than the usury rate in the State of the Borrower.
- Not bear interest.
4. LATE FEES. The Borrower agrees to pay $[LATE FEE] should they fail to pay the monthly
Balance with interest, within [#] days from the due date.
5. PREPAYMENT. The Borrower has the right to pay back the loan in-full or make additional
payments at any time without penalty.
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6. REMEDIES. No delay or omission on part of the holder of this Note in exercising any right
hereunder shall operate as a waiver of any such right or of any other right of such holder,
nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver
of the same or any other right on any future occasion. The rights and remedies of the
Lender shall be cumulative and may be pursued singly, successively, or together, in the sole
discretion of the Lender.
7. COLLATERAL. The Borrower agrees to pledge as collateral the car to be purchased,

described as a [CAR MAKE] [CAR MODEL], to ensure loan repayment. Said vehicle will
only be transferred to the ownership of the Lender upon Borrower’s payment default.
8. EVENTS OF ACCELERATION. The occurrence of any of the following shall constitute an

"Event of Acceleration" by the Lender under this Note:
a) Borrower’s failure to pay any part of the principal or interest as and when due under
this Note; or
b) Borrower’s becoming insolvent or not paying its debts as they become due.
9. ACCELERATION. Upon the occurrence of an Event of Acceleration under this Note, and in
addition to any other rights and remedies that Lender’s may have, Lender shall have the
right, at its sole and exclusive option, to declare this Note immediately due and payable.
10. SUBORDINATION. The Borrower’s obligations under this Note are subordinated to all
indebtedness, if any, of the Borrower, to any unrelated third party lender to the extent such
indebtedness is outstanding on the date of this Note and such subordination is required
under the loan documents providing for such indebtedness.
11. WAIVERS BY BORROWER. All parties to this Note including the Borrower and any
sureties, endorsers, and guarantors hereby waive protest, presentment, notice of dishonor,
and notice of acceleration of maturity and agree to continue to remain bound for the
payment of principal, interest and all other sums due under this Note notwithstanding any
change or changes by way of release, surrender, exchange, modification or substitution of
any security for this Note or by way of any extension or extensions of time for the payment
of principal and interest; and all such parties waive all and every kind of notice of such
change or changes and agree that the same may be made without notice or consent of any
of them.
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12. EXPENSES. In the event any payment under this Note is not paid when due, the Borrower
agrees to pay, in addition to the principal and interest hereunder, reasonable attorneys' fees
not exceeding a sum equal to the maximum usury rate as permitted under state law, of the
then outstanding balance owing on the Note, plus all other reasonable expenses incurred by
Lender in exercising any of its rights and remedies upon default.
13. GOVERNING LAW. This Note shall be governed by, and construed in accordance with, the
laws of the State of [STATE NAME].
14. SUCCESSORS. All of the foregoing is the promise of Borrower and shall bind Borrower and
Borrower’s successors, heirs and assigns; provided, however, that Lender may not assign
any of its rights or delegate any of its obligations hereunder without the prior written consent
of the holder of this Note.
IN WITNESS WHEREOF, Borrower has executed this Note as of the day and year first
above written.
Borrower Signature: Date: [MM/DD/YYYY]
Printed Name: [BORROWER PRINTED NAME]
Lender Signature: Date: [MM/DD/YYYY]
Printed Name: [LENDER PRINTED NAME]
----------------------------------------------------------------------
Witness Signature: Date: [MM/DD/YYYY]
Printed Name: [WITNESS PRINTED NAME]
Witness Signature: Date: [MM/DD/YYYY]
Printed Name: [WITNESS PRINTED NAME]
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AUTO LOAN AGREEMENT

Color: Black Style / Body Type: SUV Drive: 4WD

VIN: 12345ABCDE6789FGH Odometer: 521

Loan Amount: Rs. 1,60,00,000 ( One Crore sixty lakh Rupees )

3. INTEREST. The Note shall (check one):

- Not bear interest.

7. COLLATERAL. The Borrower agrees to pledge as collateral the car to be purchased,

8. EVENTS OF ACCELERATION. The occurrence of any of the following shall constitute an

Borrower Signature: Date: [MM/DD/YYYY]

Printed Name: [BORROWER PRINTED NAME]

Lender Signature: Date: [MM/DD/YYYY]

Printed Name: [LENDER PRINTED NAME]

Witness Signature: Date: [MM/DD/YYYY]

Printed Name: [WITNESS PRINTED NAME]

Witness Signature: Date: [MM/DD/YYYY]

Printed Name: [WITNESS PRINTED NAME]

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