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Form NGIF/VCL/02

FORM OF AGREEMENT TO BE EXECUTED BEFORE DRAWING

ADVANCE FOR PURCHASE OF MOTOR VEHICLE/ PERSONAL COMPUTER

An agreement made on ______________ day of __________________ between __________________________  (here in after called the borrower) which expression shall include his heirs, administrators, and legal representatives of the one part and the NGIF (hereinafter call the NGIF which expression shall include successors and assignees) of the other part.  Where as the Borrower has under the provisions of the Rules stipulated in Booklet (hereinafter referred to as the said rules which expression shall include any amendments there of the time being in force) applied to the NGIF for the loan of Rs. ______________ for the purchase of a Motor Vehicle/ Personal computer and where as the NGIF has agreed to land the said amount to the  Borrower on the terms and conditions hereinafter contained.  NOW IT IS HEREBY AGREED between the parties here to that in consideration of the sum of Rs. _________ to be paid by the NGIF to the Borrower, the Borrower hereby agrees with the NGIF to pay the NGIF the said amount with interest calculated according to the said Rules and hereby authorise the NGIF to make such deductions and (2) with in one month of the said loan for purchase of a motor vehicle/ personal computer of if the actual price paid is less than the loan, to repay the difference to the NGIF forthwith and (3) to execute a document hypothecating the said motor vehicle/ personal computer to the NGIF as security for the amount to be lent to the Borrower as aforesaid and interest in the form provided by the said Rules AND IT IS HEREBY FINALLY AGREED AND DECLARED THAT IF THE MOTOR VEHICLE/ PERSONAL COMUTER HAS NOT BEEN PURCHASED AND hypothecated as aforesaid within one month within that period becomes insolvent or quits the service of the Government or dies, the whole amount of the loan and interest accrued there on shall immediately become due and payable/ recoverable from the borrowers Terminal Benefits/

IN WITNESS where of the borrower and NGIF for and on behalf of the NGIF have here into set their hands the day and year before written.

Contd….2/-

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