Bank of China Beijing Sub-Branch
Personal Loan Contract
Contract No. No.
Borrower XXXX (hereafter referred to as Party A) applies a loan from Creditor Bank of China Beijing XXX Sub-Branch (hereafter referred to as Party B). Both parties agree to sign this contract for both parties to abide by via consultations
Article 1 The Amount, Term and Interest rate of the loan
1. The term of the loan: XXmonths, from the starting date of the issuing loan.
2. The amount of the loan: RMB XXXX
3. The interest rate of the loan: the interest rate should be executed in accordance with the interest rate notified by Bank of China when the loan issued. The loan in the contract has been transfer into the deposit account XXXXXX in the creditor’s place
Article 2 Pledge Guarantee and Pledge Occupancy
1. The pledge guarantee in this contract is the personal time deposit receipt. The scope of the pledge guarantee: The principal of the loan, the interest, and the possible penalty when Party A breaks the contract.
2. Party A agrees to use the time deposit receipt as the pledge in this contract and commit that in the pledge term, there would be no loss report or withdrawal in advance.
3. Party B can implement pledge right, and should provide Party A with ownership certificate. When all the principal and interest were paid back, Party A can redeem the deposit receipt with the ownership certificate.
Article 3 Issue and Pay back the loan
1. As soon as the loan is approved, Party B should transfer the loan into the time deposit account of Party A in creditor’s place within one working day, and call to inform Party A. Party A can withdraw in any savings bank.
2. Party A should pay back the principal and interest to Party B on time in terms of the “Approval form of personal loan application”. The loan should be pay off at term at one time.
3. Approved by Party B, Party A can pay off the loan in advance, and the interest of the loan should be calculated in terms of the actual term of the loan.
Article 4 Modify and Terminate the contract
1. Any Party who want to modify the articles in the contract should serve written notice to the other Party on time. And written agreement should be made via consultation. This contract is still valid before any new agreement is made.
2. Any Party who want to terminate the contract should serve written notice to the other Party on time. All matters concerned after the termination of the contract should be listed in a written agreement. At that time, Party A should pay back the principal and interest to Party B in terms of this contract, and Party B should return the pledge to Party A.
Article 5 Obligation of breaking the contract and Solution of disputes
1. If Party A can not pay back the principal and interest on time, Party B would add another 50% interest charge in terms of the regulation listed on this loan contract by Bank of China. After 30 days overdue, Party A still can not pay off the principal and interest in this contract, Party A authorize Party B the right to handle the pledge to repay the principal and the interest of the loan. All interest loss should be taken by Party A. After the repayment of the principal and interest, the left should be returned to Party A.
2. Any Party break the contract should pay 5‰ penalty to the other Party in terms of the contract. The contract should be kept on implementing if the other party requests.
3. Within the term of the contract, any dispute should be handled by consultation, if no agreement can be achieved, the parties can bring a suit in the people’s courts of Party B.
Article 6 Effect of the Contract
1. The contract can be made from the date of signing by both sides, and go into effect when Party A hands in the pledge deposit receipt to Party B. The contract terminates when all the principal and interest are paid off, the pledge right terminate and Party B should return the pledge to Party A.
2. The “Approval form of personal loan application” and other materials are all parts of this contract.
3. This contract is in duplicate, one copy for Party A and one copy for Party B.
Party A: XXXXXX Party B: Bank of China Beijing XXXXX Sub-Branch
(seal)
2007-XX-XX 2007-XX-XX
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