We have an editable loan agreement template for you which is totally free to download. A document in which a lender usually an individual, bank or any other financial institution points out terms and conditions under which a borrower can obtain a loan to fulfill either business or personal needs is recognized as loan agreement. Loan agreement is a vital document to evidence a loan in order to avoid future misunderstandings between parties. It provides basic details about a loan like name and contact details of both parties, amount of loan, duration, interest rate, repayment schedule and other terms for expansion of loan if needed. Loan agreement is not complex enough to prepare but if you need some assistance in this regard, use of a loan agreement template will be an ideal choice for you to get help from.
Details of Loan Agreement Template:
A loan agreement is a legal document that will be drafted and signed between the lender and borrower to protect the rights of both the parties and to describe responsibilities of both lender and borrower. A loan agreement will contain detailed information about the loan like amount of loan, date of loan, maturity date of loan, rate of interest, rules for the payment of interest, repayment of loan either in installments or full amount on maturity date, mode of payment etc. If loan is given for some specific purpose then the borrower will be liable to spend the loan amount for that purpose. Drafting a loan agreement is not so difficult and it will become more easy if you use our loan agreement template provided in this post. We have prepared this loan agreement template in MS Word 2007. All its contents are editable. You can download this template, save a copy of it and start making changes according to your needs.
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