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_______________________) each.

The first installment shall be paid by the Borrower to the

Bank on ____ day of _____ 200 ____ and the remaining installments shall be paid to the Bank
on or before the same day of each month/third month/sixth month, as the case maybe, until the
entire loan has been fully paid off within a period of __ months from the date of this agreement.
The entire loan amount shall be repaid by the Borrower on or Before (_________)
3. The Borrowers shall also pay interest @18% p.a. with Monthly/Quarterly rests, or at such
increased rate of interest, as decided by Board of Director of the Bank from time to time. Interest
shall be calculated and charged on the Daily Balance in the Banks favour due upon the said loan
account until the same is fully liquidated and shall be paid by the Borrowers/every
month/quarter. The quarterly rests in addition to agreed rate of interest. Thus the defaulted
amount shall carry interest @2%p.a.(___________as agreed regular rate of interest and ___ p.a.
Penal interest total being ___%p.a.) with monthly/quarterly rests till the date of realization.
4. The Bank shall at any time be entitled to give notice to the borrower of its intention to charge
any may thereafter charge interest at such higher rate than the rate hereinbefore mentioned as the
Bank may specify.
5. The Borrower shall utilize the money and advanced by the Bank under its Agreement,
exclusively for the purpose of purchasing the said vehicle(s) specified in Schedule I hereto
annexed to be used for the purpose of carrying on the business of tourist taxi operator/public
6. As security for the said loan and also for payment any other charges costs(between Attorney
and Client) and expenses payable to or incurred by the Bank in relation thereto, the Borrower
hereby charges and hypothecates to the bank all the said vehicle(s) specified and described in
Schedule I hereto which will at any time during the continuance of this security normally be
garaged in or about Jalagaon or elsewhere in India.
7. The said vehicle(s) specified and described in Schedule I here too and purchased by the
Borrower as aforesaid shall remain hypothecated to the Bank by way of first Charge as security
for the payment indebtedness or the liabilities of the Borrower to the Bank on general balance(s)
together with all interest discount commission costs(inclusive between Attorney and Client)
charges and expenses payable to or incurred by the bank in relation to the said advance or
enforcement of anyone or more of the securities. The Borrower shall not during the continuance
of this security sell, transfer, mortgage or otherwise dispose off or part with the possession of or
create any charge or encumbrance of any kind over the said vehicle(s) specified and described in
Schedule I hereto and all addition to the said vehicle(s) subsequent to the creation of
hypothecation shall be likewise kept unencumbered absolute and disposable property of the
borrower and would be included in the said vehicle(s) and would stand hypothecated to the Bank
as a security in terms of these presents and all the provisions hereunder shall be applicable there

8. The Borrower shall pay all fees and taxes payable in respect of the said vehicle(s) as and when
the same become due and shall also keep the said vehicle(s) at the borrower(s) risk and expenses,
in good condition and fully insured against loss or damage as maybe required by the Bank from
time to time on such basis and for such value as may be satisfactory to the Bank with such
insurance office, of repute to be approved of writing by the bank and shall pay all premiums or
sums of money necessary for such purposes off for renewal thereof at least one week before the
day on which the same become payable and will on every occasion deposit with the bank in
policy of insurance and the receipt for such payment or shall obtain from the insurance company
concerned an acknowledgement to the effect the interest which the bank has in such insurance
claim and shall deposit the said acknowledgement with the Bank and that the Borrower will not
at any time hereafter during the continuance of any such instance may be rendered Void or
voidable or an increased premium may become payable thereof and in case, at any time, the aid
insurance shall, by any means, become void or voidable or the borrower shall forthwith at his/her
own cost affect a new insurance in lieu of such void or voidable insurance as aforesaid and also
that if default shall be made in payment of the fees and taxes as aforesaid of in keeping the said
vehicle(s) in good condition and insured as aforesaid or fails to renew such insurance, it shall be
lawful for but not obligatory upon the Bank to pay such fees and taxes and to keep the said
vehicle(s) in good condition and to insure and keep insured the said vehicle(s) in the manner
aforesaid and that the Borrower will on demand repay to the Bank every sum of money expended
by it for the purpose aforesaid with interest thereon at the rate aforesaid from time of the same
having been so expended, and that until such repayment, the same shall be a charge on the
security hereby created and it shall also be open to the Bank to debit every such money together
with such interest to any account of the Borrower reopened or to be opened. All sums of one
received under to by virtue of any such