A loan agreement between two individuals in India is a legally binding document that outlines the terms and conditions of a loan. It is important to have a proper format for this agreement in order to ensure that both parties are clear on the expectations and obligations of the loan.

The following is a suggested format for a loan agreement between two individuals in India:

1. Date and Parties Involved: Start the agreement with the date and the names of both parties involved in the loan. It is important to include the full legal names, addresses, and contact information of both parties.

2. Loan Amount: State the total amount of the loan in Indian rupees and how it will be disbursed. For instance, if the loan is for INR 50,000, state whether it will be given as a lump sum or in installments.

3. Interest Rate and Payment Terms: Clearly state the interest rate agreed upon by both parties and the payment terms. For example, if the interest rate is 10%, specify whether it will be compounded annually or charged monthly. Additionally, state the repayment schedule and any late payment penalties.

4. Collateral: If collateral is being used to secure the loan, mention it in the agreement along with its value. For instance, if a car is being used as collateral, state the make and model of the car and its estimated value.

5. Termination Clause: Include a termination clause that specifies the conditions under which the loan can be terminated. For instance, if the borrower fails to make a payment on time, the lender should be able to terminate the loan and initiate any necessary legal action.

6. Signatures: The agreement must be signed by both parties. This confirms their agreement to the terms and conditions of the loan. It is also important to include a clause that confirms that both parties are over 18 years of age and legally allowed to enter into a loan agreement.

In conclusion, a loan agreement between two individuals in India should be drafted with utmost care and attention to detail. The above format should serve as a guide to ensure that all necessary clauses are included and both parties are clear on their obligations. It is also advisable to have a legal expert review the agreement before signing to ensure that it complies with all relevant laws and regulations.