20+ Loan Agreement Form Templates – Word, PDF, Pages
Nowadays, you might expect to encounter different kinds of agreement templates, especially if your line of work involves having to make deals with other people. One example of agreement templates would be loan agreements, which you would see if you ever had to borrow or lend money yourself.
Different kinds of agreement forms actually have a fair bit in common, such as lease agreement forms and loan agreements. This is thanks to these kinds of documents specifying their particular terms, listing the obligations of all the parties, as well as any consequences that may arise from not doing so.
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energy.govPersonal Power Loan Agreement
axisbank.comWhat Is a Loan Agreement Form?
This kind of basic agreement template is one that confirms an arrangement between different parties precisely for the purpose of lending money. Some of the particular characteristics of this kind of agreement include:
- Specifies the nature of the loan, such as for specific business ventures, for promoting economic growth, etc.
- Lists how much the principal sum of money is, as well as the interest rate.
- Includes the specific terms of the loan, by which both parties have to abide.
- Provides a record of the agreement, so that both parties can have a record of it, and to bind them to complying with the agreement.
How to Make a Loan Agreement Form
When making a printable agreement form for a loan, there are some steps you have to follow in order to ensure that the form is a proforma one. Among these steps are:
- First, list the parties involved in the loan agreement, both borrower(s) and lender(s).
- Then list the purpose of the loan in detail.
- Then include the principal amount being lent to the lender.
- Include the other terms, such as interest rates, how many payment installments there will be, the eventual date of repayment, etc.
- Also be sure to list the collateral used, if any.
- Be sure to have space for both parties to affix their signatures.
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sumtercountyfl.govComponents of a Loan Agreement Form
As with other kinds of agreement forms, like rental agreement forms and simple non-disclosure agreement forms, there are some components of loan agreement forms that contribute to their being able to do their jobs. After all, it is these parts that allow them to fulfill their particular task. In any case, these components include:
- Purpose of the loan, so that the reasons behind the loan can be listed. After all, it is always necessary for a borrower to state his reasons for borrowing money, and in this case, the agreement can serve to record that information.
- Parties, which serves to list the parties involved in the loan. But more than just listing their names, the agreement also specifies their relationship to one another, so that the positions of both parties can be made clear.
- Principal amount, as this is the basic amount that is being borrowed. This serves to list exactly how much money was borrowed by the lender so as to let both parties know the exact amount.
- Date of repayment, as the agreement will specify a date by which time the entire debt, interest and all, should be paid off. This serves to keep the debt in perspective so that the borrower knows when everything is due.
- Installments, as the debt is generally paid off in installments. This serves to set how often payments need to be made, on which dates they need to be paid, and how much needs to be paid per installment.
- Collateral, as the lender often has to surrender some kind of item or property to the lender as security for the loan. The agreement needs to specify exactly what that item is, so that both parties know what to either keep or give back.
- Signatures, as these serve to authenticate the agreement. By affixing their signatures to the agreement, the parties signify that they consent to the terms therein, and that the document is legal and binding.
Simple Loan Agreement Forms
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tuliatexas.orgDifference between Loan and Mortgage
When one thinks of loans, they also think of mortgages. Unlike examples like blank lease agreement forms and mutual non-disclosure agreement forms, the former two share the fact that they are both loans, albeit with some distinctions:
Loans
- Can have to do with other subjects than property.
- Collateral can take different forms.
- Defaulting causes the lender to take possession of the collateral.
Mortgages
- Deal specifically with property.
- Collateral is either one’s pre-owned property, or one to be bought in the future.
- Defaulting causes the lender to take possession of the property in question.
Why You Would Want these Agreement Form Templates
Most kinds of agreement form, such as confidentiality agreement forms and non-compete agreement forms, can give you different conveniences that make using them a wise idea. Some of these conveniences include:
- A basic framework that makes writing your own unique loan agreement forms simpler.
- Time-saving measures as you need not make these forms from scratch.
- A guide for helping you format loan agreements.
- Ease of production, as you can print however many copies you may need from your templates.
- Ease of acquisition, as you need only download these templates and then use them as needed.
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bajajfinserv.inSteps to Take before Signing a Loan Agreements
Being that lease agreement forms and service agreement forms, as well as others like them are meant to be legal and binding, it is a good idea to take some time to examine them before signing anything. After all, you do not want to make a commitment without understanding what it means in full. Some things to keep in mind are:
- Make sure to have a lawyer look at the agreement. This way, you can have someone with legal training have a look at the document before doing anything.
- Study other agreement form templates. This can give you some insights into how these documents work in general, so that you can make appropriate plans if necessary.
- Read carefully. Make sure to read the fine print, as it were, so that you are less likely to miss anything important in the agreement.
- Compare the terms of the agreement to your actual finances. This way, you can be sure that you are agreeing to something that you can actually comply with.
And if you need different kinds of templates, then you should be able to find them easily on this website, so you can have all the tools you may need.
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