Convert To Jpg Legal Loans Lending Templates For Free

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.

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.

How to Draft a Loan Agreement The addresses and contact information of all parties involved. The conditions of use of the loan (what the money can be used for) Any repayment options. The payment schedule. The interest rates. The length of the term. Any collateral. The cancellation policy.

Consider including: Names and addresses of the parties to the agreement. Loan amount (principal). Interest rate. Repayment terms, including dates, and any late fees or penalties. Signature lines.

The borrower needs the stated loan for a term of ___ years, starting on ___/__ and ending on / . 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).

What a personal loan agreement should include Legal names and address of both parties. Names and address of the loan cosigner (if applicable). Amount to be borrowed. Date the loan is to be provided. Repayment date. Interest rate to be charged (if applicable). Annual percentage rate (if applicable).