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Question: What is Amendment clause in a bank loan? What do I need to check for any such clause in my bank loan agreement?

Answer: Amendment clause gives the banks or lending institutions a right to amend any conditions of the loan without informing you as a borrower. Legal experts believe that amendment clause has a big legal loophole as a lending institution changing the terms and conditions without seeking the approval of the borrower can be challenged in the court of low. If you notice any amendment clause in your bank loan agreement, the best way is to request the bank to cancel such a clause as it can lead to legal implications which are best avoided.

Amendment clause gives the banks or lending institutions a right to amend any conditions of the loan without informing you as a borrower. Legal experts believe that amendment clause has a big legal loophole as a lending institution changing the terms and conditions without seeking the approval of the borrower can be challenged in the court of low. If you notice any amendment clause in your bank loan agreement, the best way is to request the bank to cancel such a clause as it can lead to legal implications which are best avoided. Source: CoolInterview.com

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