Legal Loan Document

A legal loan document is a document or a formal write up of details of a loan which is being granted from one party to another on the basis of certain legally binding terms and conditions.  A legal loan is generally granted by a bank or any other financial institution to a person who qualifies for being given the loan amount. These documents record the details of the parties, the loan and the terms which are mutually agreed upon by both the parties. Given below is a sample of a legal loan document which can be used for reference purpose.

Sample Legal Loan Document:

This legal loan arrangement is made by and between London International bank, the lender and Mr. Tim White, the borrower. The former has agreed to grant a loan to the latter.

The details of the parties are given as follows:

Lender details:

Name: London International bank

Address: 4-K, Peter square, London

Contact number: 479304734034

Borrower details:

Name: Tim White

Address: F-90, first floor, Mathew tower, London

Contact number: 49274224894

Details of the loan have been given as follows:

The Lender has agreed to grant an education loan to the borrower

Loan amount: $3000

Date of loan grant: 21st May 2012

The following are the legal terms and conditions of the legal loan arrangement which have been mutually agreed upon by the parties:

  • The Lender has agreed to grant the loan on the condition of repayment of the entire loan amount along with an interest as agreed by the borrower.
  • The Borrower shall only use the loan amount for educational purposes, the receipts of which have to be presented to the lender.
  • The outstanding loan amount shall include principal, interest and other expenses and this amount should be repaid within 24 months.

Hence the parties give their consent as follows:

Tim White

Mathew Jacob, London International Bank

Posted in Legal Documents