Adam Frankel
General Counsel · Technology & AI
15+ years as General Counsel to technology, cloud & AI companies
This is a preview. The full template is free on GitLaw.
About this template
What is this template?
This document is a formal credit agreement between a bank and a business owner for a revolving overdraft facility. It contains a specific clause for a property mortgage as security and a provision for interest on a minimum balance even if the facility is not utilized. It is not an unsecured personal loan or a simple promissory note.
When should you use it?
Use this when a business owner requires a secured cash credit line from a bank and is prepared to mortgage real estate as collateral. Use a General Security Agreement or a standard Promissory Note if the loan is not linked to an overdraft facility or a property mortgage.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Loan Limit | The Bank provides overdraft facilities up to a maximum limit of Rupees [amount] including all interest and charges. |
| 2 | Interest and Monthly Debits | The Borrower pays interest on daily balances debited monthly, including a minimum interest charge on a specified amount if the limit is unused. |
| 3 | Incidental and Service Charges | The Borrower must pay incidental charges every [number] months alongside commissions for outstation cheques and drafts. |
| 4 | Security and Mortgage | The Borrower mortgages the property at [address] and provides a personal guarantee to secure the cash credit account. |
| 5 | Duration and Renewal | The agreement is enforceable for one year, requiring a renewal application one month before the termination date. |
| 6 | Repayment on Demand | The Bank may demand the outstanding balance at any time, using its own books as conclusive evidence of the amount due. |
Who it's for
- a sole proprietor seeking a cash credit facility from a commercial bank in India
- a borrower mortgaging a specific numbered property to secure an overdraft
- a business requiring flexible capital against trade where the bank demands monthly interest debits
How long it runs and how it's signed
How long
Runs for a fixed period
Stated duration
one year
Notice to end it
one month in advance (for renewal)
Signed by
Borrower, Bank Manager
Witness
Required
Notarisation
Not required
Also needed
mortgage registration; bank seal
Jurisdiction
India
Document info
GitLaw document. Document created on Fri Jun 26th, 2026. Last updated on Wed Jul 15th, 2026.
This document is public
Licensed under CC BY 4.0 (Attribution).
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