An entrusted loan contract is used as the official evidence between borrower and trustor highlighting a certain amount that has been taken by borrower from the trustor. This type of contract includes the details of the borrower and the trustor, specifications and commitment clauses to be followed by involved parties.
Sample entrusted loan contract:
Entrusted Loan contract Number: 43/ SC
This entrusted loan contract is entered between Ms. Kathryn H Filed, hereinafter known as the lender, AND, Mr. Keith Mclain, hereinafter referred as the borrower.
Permanent address details of the parties:
- The Borrower
Address: #78, Newton Rue, Sherbrooke, QC, USA
Phone: 657 882 6543
- The Lender
Address: 8th avenue, Mane St, QC , USA
Phone: 608 545 3245
This contract is commencing on December 10th, 2011 and is ending on December 10th, 2013.
Hereby, to obey the entrusted loan contract, following mentioned are the conditions:
Borrower has received an amount of $ 10,000 from the Trustor as the entrusted loan, with an interest rate of 8% per year.
- Obligations & Responsibilities:
The borrower will submit $500 per month as the monthly instalment for loan repayment on the 10th of every month in the entrusted loan deposit account, from where lender will get her money. Borrower will have to pay these instalments until the principal amount and applied interest are fully paid back.
Hence, Both the parties are requested to validate the contract:
Signature of the Lender:
Ms. Kathryn H Filed
Singed by the Borrower:
Mr. Keith Mclain
Signature of the Witness:
Katy M Black