Compress Online Personal Loans Templates For Free

A personal loan agreement, sometimes referred to as a promissory note, is a legally binding contract between two parties. Although not always used, a personal loan agreement is a helpful document when lending money to a friend or family member.

What to do: Visit bank with the complete set of documents (as mentioned above). You may be required to fill a form or write a letter requesting pre-closure of the Personal Loan account. Pay the pre-closure amount. Sign the required documents, if any. Take acknowledgement of the balance amount you have paid.

You can write up a personal loan agreement by hand, with pen and paper, or draft it on your computer. Once the document looks good, it can be printed out and signed by both parties.

What are the documents required for a Personal Loan? Identity proof- Accepted documents include passport copy, voter ID card, driving license or Aadhar card. Address proof- Aadhar card, driving license, voter ID, or passport copy work as address proof too. Bank statements of the last three months.

There are 10 basic provisions that should be in a loan agreement. Identity of the parties. The names of the lender and borrower need to be stated. ... Date of the agreement. ... Interest rate. ... Repayment terms. ... Default provisions. ... Signatures. ... Choice of law. ... Severability.

The borrower hereby pledges his/her personal guarantee to repay the loan in full within the stated time frame of __ years, at a cost of Rs. ___________/- (Rupees ____________________only). The parties to this Agreement have mutually agreed upon the terms and conditions of this Agreement.