Education Loan Agreement

An education loan agreement is one that is entered into between the loan disbursing financial institution and the person who is taking the education loan. The agreement provides for all the details of the education loan that is being extended by the financial institution. It includes all the terms and conditions such as loan amount, interest rate, repayment period etc that is agreed upon by the borrower of education loan.

Sample Education loan agreement

The education loan agreement is entered into between Ingot Education Loans Financial Institution of London and Mr. Ashton Theory who is residing at #3, Hampshire, London, HA78 hereafter referred to as the borrower on the 15th of April 2013.

Terms of Agreement :-

  1. The borrower agrees to avail an education loan amount of 8000 pounds for the purpose of pursuing masters in business administration from Cambridge University.

  2. The borrower agrees to repay the education loan within a period of five years from the date of completion of the master’s degree.

  3. The borrower agrees to bear the educational interest which has been fixed at the rate of 16% per annum along with the principal repayment.

  4. The borrower will be provided with the education loan at periodic intervals of fee payment structure for the course each semester being studied at the university.

  5. The education loan is subject to the condition that the borrower will complete all semesters without any backlogs.

  6. In the event of the borrower not being able to complete the course within the stipulated time frame the education loan will cease and the borrower is required to repay the entire amount of education along with interest with immediate effect.

  7. The borrower is liable to bear all the expenses involved in the processing of education loan towards the financial institution immediately on approval of the loan amount.

In agreement to the above given terms and conditions, both the parties provide their signature below:

Signature of Ingot Education Loans Financial Institution: ____________________

Signature of Borrower: _________________________________

Date: ______________________________-

Category: Loan Agreements

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