A consumer pledge agreement is one that is entered into between a consumer and the loan provider. The consumer is the borrower and the loan provider is the lender in the agreement. This agreement comes into existence when a consumer purchases a consumer durable product from the lender on equated monthly installments. The product that has been purchased is pledged with the lender until the entire amount is repaid by the borrower. The product ownership is given to the borrower but the product is under pledge with the lender. There is no physical transfer of ownership under this agreement.
The agreement provides the terms of loan provided by the lender that has to be complied for by the borrower. It provides details such as the product, its make, its price, the equated monthly installment and the penalty that the borrower has to pay for default in payment. The agreement is dated and signed by the borrower.
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