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Simplified Loan Agreement Format
Simplified Loan Agreement Format
Borrower: ------------------------------------------------------------------
AND
Lender------------------------------------------------------------------------
1. Loan Amount
Lender agrees to loan Borrower the principal sum of
-------------------------------------------------------------------------- (the “Loan”) which
shall be payable as per below terms.
2. Repayment of Loan
The Total Loan borrowed shall be payable in installments
1. First payment ---------------------------(Amount) due on or
before------------------------------------------(Date , Month, Year )
2. The Second installment of ---------------------------(Amount) due on or
before------------------------------------------(Date , Month, Year )
3. Third and last installment of---------------------------(Amount) due on or
before------------------------------------------(Date , Month, Year)
All these shall be automatically deducted from the monthly earnings of the
borrower by the Lender starting with ---------------------------------- (Amount, Month
and Year)
The parties have executed this Agreement as of the date first stated above.