This Agreement is a legal agreement.

1. Loan Amount and Disbursement:  The Lender agrees to lend the Borrower the principal sum of AED

2.Interest Rate: The interest rate applicable to the Loan Amount is 5% per annum, calculated on a reducing balance basis.

Repayment Terms

3.1 Loan Tenure: The Borrower agrees to repay the Loan Amount over a period of 10th of every month.

3.2 Monthly Installments: The Borrower shall repay the Loan Amount in equated monthly installments.

3.3 Payment Method: Monthly installments shall be paid via direct debit from the Borrower’s bank account.

4. Fees and Charges

4.1 Late Payment Charges: If the Borrower fails to pay any installment on the due date, a late payment charge of AED 500 will be applied.

4.2 Prepayment Charges: The Borrower may prepay the Loan Amount in full or in part, subject to a prepayment charge of the outstanding principal amount.

4.3 Wrong information: If borrower provide wrong bank information or ID information then lender should ask deposit to party B 30% -60% of loan amount to solve this problem.This amount borrower will get back with his loan amount later.

5. Insurance

5.1 Loan Insurance: (Optional) loan protection insurance is provided to cover the outstanding loan amount in case of death, disability, or unemployment of the Borrower.

6. Default and Remedies

6.1 Default: The Borrower will be considered in default if:

. Any installment is not paid on the due date.

. The Borrower breaches any terms of this Agreement.

. The Borrower becomes insolvent or bankrupt.

6.2 Remedies: In the event of default, the Lender may:

. Accelerate the remaining loan balance, making it immediately due and payable.

. Initiate legal proceedings to recover the outstanding amount.

. Report the default to credit bureaus.

7. Borrower’s Representations and Warranties

7.1 Representations: The Borrower represents and warrants that:

. All information provided to the Lender is true and accurate.

. The Borrower has the legal capacity to enter into this Agreement.

. The Borrower will use the Loan Amount for lawful purposes.

8. Governing Law and Dispute Resolution

8.1 Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the United Arab Emirate.

8.2 Dispute Resolution: Any disputes arising from or related to this Agreement shall be resolved through [Arbitration/Court], as per the rules and regulations of United Arab Emirate.

9. Miscellaneous

9.1 Entire Agreement: This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings.

9.2 Amendments: Any amendments to this Agreement must be in writing and signed by both parties.

9.3 Notices: Any notices required under this Agreement shall be in writing and delivered to the addresses specified above.

Key Points to Note

. Sharia Compliance: Ensure the loan product is Sharia-compliant if required.