Loan Contract

June 9, 2011

A loan contract is a written agreement between a borrower and a creditor. It provides terms, conditions and details under which the loan is issued. The document outlines the terms of payment, interest rates if any and the amount loaned and the time frame within which it should be repaid.
Sample Loan Contract Template

Parties: The Borrower ________________.

The Lender ______________
Date of Agreement: ________________
Promised date of Payment: The borrowed amount is to be paid within _____ months from the date of issue.

The borrower hereby promises to clear the loan amounting to_____________ including interests and other charges.

Breakdown of Loan: Borrower will pay:

Amount of Loan: __________

Amount to be paid __________

Total interest charged: __________

Total of payments: __________

ANNUAL INTEREST RATE________%

Repayment schedule: The borrower hereby agrees to repay as follows: Borrower will repay the amount of _____in equal monthly installments of ____________ _____ due on the first week of each month. This transaction commences on the _____day of _______, 20____, and ends on _________, 20____.

Security: As security for the loan the borrower submits to the lender this item as described below:
_______________

Offset rights: Incase repayment of this loan goes beyond the agreed date, the lender is entitled use the loan security submitted by the borrower as compensation without prior notice

Responsibility: The undersigned co borrower agrees that he/she is equally responsible

Agreed To:

______________

Lender

_____________

Borrower

__________
Co borrower

 

Download Loan Contract in Word Format

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