Loan Agreement Contract

This Loan Agreement (“Agreement”) is entered into on May,14 2024 between:

Creditor:

Romelyn Galleto

Oaig Daya Candon City, Ilocos Sur

09532797546

Debtor:

Judelyn Naungayan

Loan Details:

1.Loan Amount: Twenty Seven Thousand, Five hundred Pesos

2.Interest Rate: 7%

3. Repayment Schedule: May, 14 2025

4.Loan Term: 1 year

Terms and Conditions:

1. Loan Amount: The Creditor agrees to lend the Debtor the sum of PHP 27,500 for the
purpose of House Loan/House Repair.
2. Interest Rate: The Debtor shall repay the loan amount with an interest rate of 7% per
annum.
3. Repayment Schedule: The Debtor shall repay the loan in installments as follows:
1.PHP 7,500 on or before 08/14/2024
2.PHP 7,500 on or before 11/14/2024
 3.PHP 7,500 on or before 02/14/2025
4.PHP 7,500 on or before 05/14/2025
5.Final interest payment to be calculated as of final payment and due immediately
there too.
4. Late Payments: In the event of late payment, the Debtor shall be subject to a late fee
of PHP50.00

5. Default: If the Debtor fails to repay the loan as per the agreed terms, the Creditor reserves
the right to take legal action to recover the outstanding amount.

6.Governing Law: This Agreement shall be governed by the laws of Article 1933 of the civil
code of the Philippines.

Signatures:

Creditor: _____________________ Date: ___________

Debtor: _______________________ Date: ___________

Please customize the template with specific details relevant to your loan agreement. It is
advisable to seek legal advice to ensure that the contract complies with all legal requirements
and protects the rights of both parties.