An instalment loan contract is used as the official evidence between borrower and money lender, highlighting the loan instalment terms and conditions. This type of contract includes the details of the borrower and the lender, specifications and commitment clauses of the loan instalments for its repayment.
Sample instalment loan contract:
Instalment Loan Number: 14/ SC
This instalment loan contract is entered between Mr. Scott Symonds, hereinafter known as the lender, AND, Mr. Kevin Leone, hereinafter referred as the borrower.
Permanent address details of the parties:
- The Borrower
Address: 8th palmer Ave, Winter park, FL, USA
Phone: (678) 897-7645
- The Lender
Address: 6th avenue, Mane Street, FL, USA
Phone: (678) 871-7325
This contract is commencing on December 10th, 2011 and is ending on December 10th, 2012.
Hereby, to obey the instalment loan contract, following mentioned are the conditions:
Borrower has received an amount of $ 10,000 from the Lender as loan, with an interest rate of 12% per year.
- Obligations & Responsibilities:
The Lender will receive $500 per month as the monthly instalment as loan repayment on the 10th of every month throughout the loan period. Borrower will have to pay these instalments until the principal amount and applied interest are fully paid back.
If the monthly instalment is not paid on time, then strict legal action can be taken against the borrower.
Hence, both the parties are requested to validate the contract:
Signature of the Lender:
Mr. Scott Symonds
Singed by the Borrower:
Mr. Kevin Leone
Signature of the Witness: