A loan agreement is a document that evidences loan between the borrower and the lender. Moreover, the loan agreement also consists of terms and condition to grant the loan to the borrower. The loan can be obtained from the banks or other financial institution.
A loan agreement plays a vital role like this can be used as a piece of evidence in the court. Through loan agreement both the parties can settle their dispute as it can be served as a legal document. However, to use it as a piece of proof or evidence, both the parties shall sign the loan agreement on a stamp paper.
Here is the list of all the details and clauses that a loan agreement shall contain:
Loan security: A loan security is an asset or vehicle that is pledged or mortgage against the loan received. This is helpful in case of default, as the security that is pledged by the borrower can be used by the lender to recover the amount of loan.
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