Loan Repayment Agreement
A loan repayment agreement is a legal document that is drafted between two parties when an individual or an organization takes a certain amount of money as loan from another individual or an organization. The agreement is a legal document that guarantees that the borrower assures to repay the loan amount he has borrowed from the lender. The details mentioned in the agreement include the amount of loan taken, the monthly installment that the borrower needs to pay in order to repay the loan , the interest charge on the loan and other details.
Sample Loan Repayment Agreement
This loan repayment agreement has been made and entered between Ben Stiller referred to as the borrower and Aspen Financial Services Limited referred to as the lender and is effective from 8th of January 2013.
As per the agreement the borrower has taken a loan of an amount of $40000 from the lender and agrees to repay the loan within the period of 4 years.
Details of the lender:
Residential address: 90 East Side Road, Texas City, Florida 9087
Daytime contact number: 34908
Cell phone number: 90876
E mail id: firstname.lastname@example.org
Details of the borrower:
Office address: 65 Tango Charlie Street, Texas City, Florida 9023
Contact number: 23789
E mail id: email@example.com
The terms and conditions required to be followed by both the parties are as follows:
- The borrower will have to pay an interest of 10 percent on the loan amount.
- The borrower will have to repay the loan by paying an equal monthly installment amount till the agreement end date.
- The agreement is valid for a period of four years and ends on 7th of January 2017. The borrower has to repay the loan along with interest within that period.
- In case of any default in paying the installment the borrower will be charged a fine of $100.
Signature of the borrower: _______________
Signature of the lender: _____________
Category: Loan Agreements