A Loan Agreement is an agreement where the lender agrees to provide a loan to a borrower subject to various agreed terms. The advanced sum can either be secured by a collateral or unsecured. A loan can be secured by the creation of an encumbrance on the borrower’s assets which can be land, a motor vehicle or household goods etc. The loan agreement for a secured loan spells out the terms on which the loan is advanced, the particulars of the property pledged as collateral, terms of repayment and terms of realization of the security.
This template Loan Agreement is drafted for a loan secured using real property as security but may be modified to accommodate the needs of the parties.
Loan Agreement Secured by an Asset
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