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so there is an LLP which needs funds to develop a new robotic arm and they approached an individual who likes to encourage certain startups and he decides to forward a loan amount of 50 lakhs usually it would be a bank but right now for the sake of simplicity we had said this will be an individual and the parties enter into a loan agreement and you had to specify you had to draft certain clauses eight clauses had to be drafted now lets look at the clauses to be drafted the clause specifying the loan amount interest rate and if it was fixed or variable you have to identify what is the index based on which it was variable and then a clause specifying the purpose of the loan and consequences if the loan is diverted for another purpose a prepayment clause with two variations one a very prepayment is prohibited now you cant prevent somebody from repaying your loan but where prepayment does not offer any advantage to the borrower so the entire amount of interest would be payable even if t