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Personal Loan Contract: A Sneak Peek Into it There may be circumstances where you could do with some extra financial help when you are contemplating on buying something expensive. Personal loans would come in very handy during such circumstances. The lender of course will want you to enter into a personal loan contract which serves as a proof of the terms and conditions and your agreement upon the same. It is the contract that binds the lender and the borrower and also regulates various terms that are there in the loan. What would a personal loan contract generally encompass? The contract will clearly state the names of the people who are involved in the bargain. The parties are identified as creditor and debtor in the agreement. The principle amount that is borrowed is also entered in the contract. The rate of interest is clearly mentioned too. The other terms of the personal loan are also clearly stated in the contract. The debtor has agreed to repay the personal loan in say one year, two years or three years or five years…it has to be stated clearly in the contract. Another important factor that needs to be included in the Personal Loan Contract is the purpose for which the personal loan is being borrowed. How the funds are going to be utilized may also be stated in the contract. There may be certain instances where the debtor is able to repay the personal loan before the borrowing term ends. In such a case, the creditor may levy a penalty for prepayment of the amount borrowed. This aspect needs a lot of clarity as it involves a certain percentage value that is charged to the debtor. When all these aspects are included in the contract, it has to be notarized and signed by the creditor and the debtor with the date written on the contract. With the way things are going electronic and digital, there are readily available personal loan agreement templates and loan contract forms too that could be easily downloaded from the online platform. One needs to ensure that all the matters are included with great precision for it is monetary dealings in question and anything amiss would mean a whole lot of money for both the parties. The kind of loan agreement that one enters is decided upon the categorization that the loan falls under. There are the bilateral loans and syndicated loans where loan agreements are categorized by lender. There are term loans and revolving loans that are categorized by type of the facility. Regardless of the type of loan agreed upon it is mandatory to enter into a personal loan contract that encompasses all the necessary details.
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