Loan Contract Agreement


A loan contract agreement is a simple loan agreement when an individual referred to as a borrower takes a loan of certain amount from another individual or organization referred to as a borrower. A loan contract agreement contain details like the loan amount, amount of interest to be charged, mode of repayment of loan, details of both the parties etc. The agreement helps to clear any dispute or confusion arising between both the parties in future.

Sample Loan Contract Agreement

This loan contract agreement has been drafted and entered between Rocky Balboa referred to as the borrower and Aspen Financial Services Limited referred to as the lender.

As per the agreement the borrower is taking a loan of an amount of $50000 from the lender.

Details of the borrower:

Address: 67 Yankee Ways Lane, North Carolina, South Dakota 5678

Contact number: 67890

Details of the lender:

Office address: 21 West Side Road, North Carolina, South Dakota 5679

Contact number: 34908

Various terms and conditions of the contract agreement are as follows:

  1. The effective date of the agreement is 6th of July 2012 and it is valid for a period of five years. The agreement ends on 5th of July 2017.
  2. The borrower will be charged an annual interest of 10% on the loan amount.
  3. The borrower has taken the loan for the purpose of purchasing a car.
  4. The borrower has to repay the loan amount along with the added interest by the agreement end date.
  5. In case the borrower is unable to repay the complete loan amount, the lender will take possession of the car.
  6. The loan installment needs to be paid by 5th of every month.

Both the parties agree to the above given terms and conditions and provide their signature below:

Signature of the borrower: _____________

Signature of the lender: _____________

Oscar Wild

(On behalf of Aspen Financial Services)


 

Category: Loan Agreements

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