Common Contracts
1 similar null contracts
Interest free loan agreement template south africaJuly 22nd, 2023
A loan agreement (sometimes called a loan contract) is a contract between a lender and a borrower whereby the lender agrees to lend a certain amount of money to the borrower.By making use of a loan agreement, the lender and the borrower can document their arrangement on, amongst other terms:purpose of the loanloan amount interest payableduration of the loan (also known as repayment period)how the borrower will repay the loan (comprising of principal amount and interest payable). For example, the borrower can make monthly or quarterly payments (regular payments that go towards the principal and interest), pay the total amount on a set date before the maturity date (lump sum), or the borrower can follow a repayment schedule (regular payments or lump sum)security against the loancircumstances in which the loan becomes payable immediatelyBasic elements of a simple loan agreementA simple loan agreement is likely to state:Borrower: the individual receiving the loan amount and liable to pay i
