Loan Agreements
A Loan Agreement is a contract between a lender and a borrower which regulates the business transactions by stating the terms and conditions of the contract by mentioning the details of loan amount given to party, interest amount to be paid, method of repayment, term and legality in case borrower fails to repay the payment.
Lending or borrowing money is a big commitment, so it is important that rights of both the parties i.e. lender and borrower must be safeguard by loan agreement. The basic purpose of loan agreement is to not only to detail the amount of loan given and the terms of repayment of the same but also to describe the terms and conditions of loan that serves as a proof that loan has been given and that prevents borrower to shrink from its commitment to repay the loan amount.
A loan agreement should contain below mentioned information:
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In order to make an agreement legally enforceable, it must fulfill certain legal conditions such as an offer and acceptance of that offer. Loan agreement reflects the understanding between the parties by mentioning loan amount, its terms and conditions and repayment of loan, where one party disburse the loan amount and other party accept the liability of the same and promise to repay the loan amount within prescribed period of time. So it makes it legally enforceable.
Although oral agreements are valid but agreements in written form are given more authenticity and are considered as legally valid. As well it avoids any kind of issues between the parties in future.
EMI is Equated Monthly Installments (EMIs) that comprise of both principal and interest. Generally borrower has to repay the loan amount on monthly basis in case of EMI.
In case of Secured loan, lender keeps property or any other asset as Collateral in order to secure the loan. Lender can seize the collateral if borrower fails to repay the loan amount recoup its losses
Although oral agreements are valid but agreements in written form are given more authenticity and are considered as legally valid. As well it avoids any kind of issues between the parties in future.
Yes, you can file civil suit to recover the loan amount. Even criminal complaint can be filed before Judicial magistrate.
Banks can approach Debt Recovery Tribunal (DRT) or can file case under SARFAESI Act to recover the loan amount. Banks can even approach civil suit to recover the loan amount.
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