Loan agreements are an official document which are based on the formal rules & conditions of a mortgage organization and regulates the terms of the loan. Such an agreement is prepared between an individual and a financing organization or between a firm & bank organization. A loan agreement is based on the account information of the individual, personal information and term & conditions. A loan agreement is a written document and can never be an oral commitment.
Loan agreement can be of different types including some of the following:
- House loan agreement
- Business loan agreement
- Study loan agreement
- Small trade loan agreement
Underneath mentioned considerations are significant to prepare a loan agreement:
(a)Agreement file number.
(b)Official contact details of the mortgage company.
(c) Type of the loan and amount sanctioned to the individual/ organization.
(d)Personal/ organization details of the individual including name, permanent address and phone number.
(e)Statement of the bank account of the individual for applying loan.
(f) Date from which the person can get the amount and date till the loan amount is valid.
(g)Term & conditions for availing the loan, duties & responsibilities of the person/ organization and obligations of the banker.
(h)Signature of the individual or organization.
(i) Signature of the concerned person from the mortgage company.
(j) Date on which the agreement is signed.
The loan agreement terms and conditions can be different as per the financing company profile.
Category: Loan Agreements