Personal loan agreement contract is a kind of an agreement contract which is made in the case when a person takes a personal loan from a bank or any other source. These contracts are formed between the borrower and the lender and are legally binding documents which consist of enforceable terms and conditions which must not be violated by the parties that are involved.
Personal loan agreement contracts consist of many details such as the details of the parties, details of the loan and other terms and conditions. The following is a personal loan agreement contract which can be used for reference.
Sample Personal Loan Agreement Contract
Effective date of the contract: 1st May 2012
Effective term of the contract: 24 months
Termination date of the contract: 1st May 2014
This is a personal loan agreement contract that has been made by and between the LENDER and the BORROWER. Their details are mentioned below:
Name: Mr. Tim Bradley
Phone number: 4740370935
Residential address: G-90, second floor, Jackson tower, P Street, Manchester
Name: Mr. Peter Radcliff
Phone number: 427050505
Residential address: S/78, friend’s tower, Canterbury Street, Manchester
Details of the Loan:
Type: personal loan
The BORROWER has borrowed a sum of $5000 from the LENDER for a period of 2 years at an interest rate of 4%
The following are the terms and conditions of the contract:
- The LENDER agrees to loan the amount to the BORROWER.
- The BORROWER must pay back the loan amount along with the interest on the termination date.
- If the BORROWER fails to make the payment, then he/she can be implicated by law.
- The LENDER holds the right to sue the BORROWER in case he/she fails to return the money back with its interest.
A federal student loan contract is a one that is entered into between the federal state and a student. The loan is obtained by the student as a borrower from the government for pursuing higher education. The contract shall include details about the loan such as loan amount, rate of interest, demonstration of financial need, promissory note, repayment terms, etc. A sample federal student loan contract is provided below for better reference.
Sample Federal Student Loan Contract:
The Contract is signed on 24th May 2005, between the federal state government department and Ms. Rene George for the purpose of obtaining student loan for pursuing higher studies.
Details of Borrower :-
Name : Rene George.
Address : Tower 4, Forest Avenue, Seattle, US.
Age : 18 years
Account no: 0122 333 444
- The borrower has applied for a federal student loan of Twenty thousand dollars, 20,000$.
- The student is provided loan by the federal state for a period of 4 years starting effective from the date the first instalment of the loan release.
- The student is applying for the loan for pursuing engineering course from New York University.
- The rate of interest for the student loan is fixed at the rate of 6.8% per annum which is payable along with principle on completion of the course being pursued by the borrower.
- There is no prepayment penalty imposed on the borrower.
- The equated monthly instalment for the student loan stand effective from three months of completion of the course and has to be paid without fail irrespective of the borrower being able to secure employment.
- The student loan can be terminated at any point of time by the federal state department on finding the academic performance of the borrower unsatisfactory.
Signature of the Borrower : Rene George _____________________
Signature of Witness : Lavin Thomas _____________________
A building loan contract is one that is entered into between two parties for the purpose of undertaking construction of a building. The borrower is lent money by the lender for the construction of a building wherein the loan amount is released by the lender according to the progress in the various stages of construction. A sample building loan contract is given here under for better understanding.
Sample Building Loan Contract:
This building loan contract is entered into between the borrower David Construction Ltd and the lender Parker consultants Ltd on the 18th of July 2013.
Details of Parties to Contract :-
Lender: Parker consultants Ltd.
Address: Tower 4, Chard Business Park, New England, Somerset, UK.
Borrower: David Construction Ltd.
Address: No 25 East Street, Hollymoor lane, New England, UK.
Terms and Conditions of the building loan contract :-
- The borrower has applied to the lender for a loan amount of One Million pounds, 100000000 £.
- The said loan can be advanced and the lender shall determine the amount details and instalments.
- The borrower agrees to obtain all necessary approvals from all government authorities having jurisdiction of plans, and specifications and all necessary building permits before making the first advance.
- All the financial dealings shall require five days prior notice to the lender and shall happen at the place designated by the lender.
- The lender has all rights to stop the funds if any of the conditions mentioned in the contract is not met.
Termination Clause :
The contract can be terminated under the following circumstances :
If the improvement on the site premises is not in line with the plan, as per the judgement of the lender.
If the borrower does not provide the required government approval plans within 30 days of the contract start date.
Signature of the Borrower : ___________________________
Signature of the Lender : ___________________________
A long term loan contract is a contract signed between two parties namely the lender and borrower through which the long term loan is obtained. The lender agrees to provide long term loan to the borrower. The contract shall include details about the loan such as total loan amount, rate of interest, repayment terms, repayment period etc as specified by the lender and agreed upon by the borrower. An example of long term loan contract is given here under for better understanding.
Sample Long Term Loan Contract
Long term loan contract: No: 23461897
Terms of Contract :-
Particulars of parties to the contract:
Lender: Birmingham shipping Co Ltd.
Address: Tower 24, Wimpole Street, West Central, London, UK.
Borrower: Warley’s transport Ltd.
Address: No 25 Old Gloucester Street, Holborn, London, UK.
- Lender agrees to provide the borrower a loan amount of Three Million pounds, 300000000 £.
- The term period of the loan is 2 years, from September 2nd, 2003 to September 5th, 2005 as per the contract dated August 28th, 2003.
- The loan interest as per the contract shall be fixed at 7% per annum. The interest shall be calculated from the date of fund transfer to borrower, and it should be paid on a monthly basis without fail.
- Borrower can make prepayment prior to expiration of the loan, but the interest is not subjected to change upon prepayment.
- In the event that Borrower violates any terms of the contract, Lender has the right to stop providing funds and to demand repayment of the principal and interest of the funds already provided with immediate effect.
- The principal should be paid in two instalments, which means 150000000 £ at the end of 2004, and 150000000 £ at the end of 2005.
Hereby, both the parties agree to the terms specified above.
Signature of the Borrower:
Signature of the Lender:
A short term loan contract is one that is entered into between two parties where one party obtains short term loan from the other party. The contract includes details of the short term loan such as amount involved, rate of interest repayment terms, repayment period etc as specified by the lender. A sample short term loan contract is provided here under for further reference.
Sample Short Term Loan Contract:
Short term loan contract number: No:44445555
Terms and Conditions Applicable for Short Term Loan :-
Name and Address:
Lender: Clemton group Co Ltd.
Address: Studio 5, Hare field Road, Brockley, London, UK.
Borrower: Bentleys Services company Ltd.
Address: No 25 Chancery Lane, Holborn, London, UK.
- Borrower applies for a loan of two million pounds, 200000000 £ to the lender.
- The loan term is one year from March 2, 2012 to march 2, 2013 as agreed in the contract dated March 2, 2012.
- The loan should be used only for operational purpose and without the consent of the lender the purpose of the loan should not be changed.
- The loan interest as per the contract shall be floating rates, which is subjected to change with respect to the benchmark rates.
- The interest shall be calculated from the date of fund transfer from the lender to borrower, and it should be settled as specified on monthly basis.
- Penalty interest shall be imposed on the borrower upon default.
- Borrower should pay the principal amount on mature date as stipulated in the contract.
Terms for termination of Contract :
- In the event of default by the borrower the short term loan contract is bound to be terminated with a penalty of 4% and seizure of the pledge property by the lender.
Hereby, both the parties will accept the Business Term loan Contract:
Signature of the Borrower:
Bentleys Services company Ltd
Signature of the Lender:
Clemton group Co Ltd