Disbursal of the facility a. The loan will be disbursed to the borrower in one or more instalment(s) as may be required by the borrower.
Disbursal of the facility a. The loan will be disbursed to the borrower in one or more instalment(s) as may be required by the borrower. b. The disbursement may be direct to the supplier or by credit to Savings Bank or Current Account of the Borrower, depending upon the purpose for which the loan is sanctioned. c. The borrower shall give at least three clear days prior notice of drawal of any instalment of the loan which advise may be waived by the Bank at its option. d. In the case of joint borrowing by more than one person, the person specified under Schedule I (f) of this agreement shall draw the amount in stages as stipulated. ARTICLE II REPAYMENT OF LOAN, INTEREST, OTHER CHARGES & EVENT OF DEFAULT
Disbursal of the facility a. The Borrower(s) agrees that Bank is under no obligation to disburse the credit facilities on the same day of execution of loan/security documents/agreements by the Borrower(s) and the Borrower(s) agrees that Bank may disburse the credit facilities on a day subsequent to the date of execution of documents after satisfactory completion of all internal procedures of the Bank and compliance of all the requirements by the Borrower(s). b. The Bank shall advance the loan to the Borrower(s) in such instalments and at such times as it deems fit and reasonable according to the requirement for payment of tuition fees, hostel fees, purchase of books, equipments etc. and the receipt of any one of the Borrower(s) shall serve as sufficient proof of the payment of the amount and shall be binding on other Borrower(s). The Borrower(s) agrees to provide margin as required by the Bank. The Borrower(s) hereby authorizes the Bank to make payment of the loan amount along with margin, if any, contributed by the Borrower(s) directly to the educational institution/hostel/book stall/suppliers etc. The Borrower(s) undertakes to produce bills/Receipts etc. for such payments. The Borrower(s) undertakes that the loan proceeds will not be utilized for payment of capitation fee or donation. c. The Bank shall not be bound to advance the maximum amount sanctioned and may decline to advance the amount or discontinue further advances at any time at its absolute discretion on the ground that the Borrower(s) have found other means of assistance or that the student has discontinued his studies or has failed in any examination or has failed to produce a satisfactory report of his studies and progress or the course/Institution is de-recognised by the authority concerned or the student fails to secure employment within the holiday period after completion of the course or for any other reasons which the Bank at its absolute discretion may consider justified and sufficient. In the event of such discontinuance, the payments already made shall be deemed to be a completed loan under this agreement and the Borrower(s) agrees to report the matter immediately to the Bank and the Borrower(s) also agrees to repay the entire outstanding dues in the loan account forthwith. d. The borrower (s) understands that the loan shall be granted and disbursements made subject to the Bank‟s Rules.
Disbursal of the facility a. The Borrower agrees that Bank is under no obligation to disburse the credit facilities on the same day of execution of loan/security documents/agreements by the Borrower and the Borrower agrees that Bank may disburse the credit facilities on a day subsequent to the date of execution of documents after satisfactory completion of all internal procedures of the Bank and compliance of all the requirements by the Borrower. b. The loan will be disbursed to the Borrower in lump sum or in instalment(s) as stipulated by the Bank. c. If the loan is being disbursed in stages, at least three clear days prior notice of drawal of any instalment of the loan should be given to the Bank, which advise may be waived by the Bank at its
Disbursal of the facility a. The Borrower(s) agrees that Bank is under no obligation to disburse the credit facilities on the same day of execution of loan/security documents/agreements by the Borrower(s) and the Borrower(s) agrees that Bank may disburse the credit facilities on a day subsequent to the date of execution of documents after satisfactory completion of all internal procedures of the Bank and compliance of all the requirements by the Borrower(s).
