A personal loan contract, as the name depicts, is a legal binding document prepared between the lender and the interested borrower for a personal loan.
Sample Personal Loan Contract:
Contract Serial Number: 190/ PL
Effective date of the contract: October 13th, 2010
This personal loan contract is prepared between Mr. Rodger Dominick located at: 34/ B Park, Hamilton Street, Toronto, Canada, hereinafter known as the lender party AND Ms. Tina McGraw, residing at 67/ U, Wing- G, South- Eastern Road, Toronto, Canada, hereinafter called as the borrower party.
This contract is commencing on October 15th, 2010 and is ending on October 15th, 2012.
Underneath are the committed terms & conditions to be followed by both the parties:
The borrower is agreed to pay an instalment of $ 456 per month against the total loan amount of $ 456780 at 5% interest rate. The instalment is to be paid on 4th of each month.
The lender will issue a slip of amount acceptance on every instalment and a record of the borrower statement will be prepared.
The contract fees and other processing charges will be adjusted by both the parties. The defaulter party will make a payment of 50% of the charges in case of cancellation of the contract.
The clause can be true in case of any issue is raised by any party.
Hereby, the acceptance section is to be signed by the lender and the borrower for confirmation:
Signature of the Lender:
Signature of the Borrower: