This package includes the essential forms needed for making and collecting a personal loan. These forms are an important tool for avoiding future misunderstandings and disputes. Purchase of this package is a savings of more than 50% over purchase of the forms individually!
The following forms are included in this package:
Unsecured Installment Payment Promissory Note for Fixed Rate - This is a Promissory Note for your state. The promissory note is unsecured, with a fixed interest rate, and contains a provision for installment payments.
Secured Promissory Note - This form is a secured Promissory Note. The note includes a provision which describes the collateral to be used as security on the loan. The form also contains a section which details various actions which would constitute default on the note.
Personal Guaranty - General - This form is a Guaranty. The form provides that the guarantor assures the full and prompt payment of all obligations incurred by the payor.
Sample Letter for Past Due Balance - This is a sample notice for use when a debtor is overdue in payments on a promissory note. A time period for making payment before further action is taken, which may be modified to suit your needs, is provided.
Complaint for Past Due Promissory Note - The form is a complaint for a default on payments due pursuant to a promissory note. The complaint adopts the "notice pleadings" format of the Federal Rules of Civil Procedure, which have been adopted by most states in one form or another.
Promissory Note with Installment Payments - This form is a Promissory Note. The form provides that the borrower promises to pay the lender in monthly installments. The agreement also provides that there will not be a pre-payment penalty on the note.
Notice of Default in Payment Due on Promissory Note - This form is a notice of a failure to make a required payment when due pursuant to a promissory note. The form also contains a warning to the breaching party that legal action will be taken unless the breach is remedied on or before a certain date. This form is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a notice in a particular jurisdiction.
Resolution of Meeting of Corporation to Make Specific Loan - This form is a resolution of meeting of a board of directors or shareholders to make specific loan. This form may be easily modified for use by other business entities.
Receipt for Payment of Account - This form is a Receipt. The form provides that the undersigned acknowledges the receipt of a certain sum of money which constitutes payment on the account named in the receipt. The receipt also lists the balance remaining on the account, if applicable.
Promissory Note with Confessed Judgment Provisions - This form is a Promissory Note with Confessed Judgment Provisions. The maker of the note promises to repay a loan received from the lender, with interest. The form provides that if the maker defaults upon the loan, the lender may exercise the option of demanding the immediate payment of the entire loan. The debtor agrees to have judgment entered in the lenders favor if court action is brought to enforce collection.
Balloon Unsecured Promissory Note - This form is a model balloon promissory note, with a fixed interest rate. A balloon note is structured such that a large payment is due at the end of the repayment period. Adapt to fit your specific circumstances.
Personal Loan Agreement Format in Kannada: A Comprehensive Guide When entering into a personal loan agreement in Kannada, it is crucial to have a clear understanding of the format and terms to ensure a smooth borrowing process. This detailed description will provide insights into the different types of personal loan agreement formats in Kannada, along with their key elements. Types of Personal Loan Agreement Formats in Kannada: 1. Irrevocable Personal Loan Agreement (ಮಾರುಪಟ್ಟದ ವ್ಯಕ್ತಿಗೆ ಸಾಧ್ಯತೆ ಇಲ್ಲದ ಸಾಲ ಒಪ್ಪಂದ): This format is a legally binding document between the lender (ಋಣಕ್ಕೆ ಹೆಣೆದವರು) and borrower (ಸಾಲ ಪಡೆದವರು) where the terms and conditions cannot be altered or withdrawn without the consent of all parties involved. 2. Revocable Personal Loan Agreement (ಮಾರುಪಡೆದವರಿಂದ ಸಾಲ ನಿರ್ತಿಸಬಹುದಾದ ಒಪ್ಪಂದ): This format offers more flexibility as it allows modifications or termination of the agreement with the consent of the lender and borrower. The terms can be revised, extended, or canceled based on mutual agreement. Key Elements of a Personal Loan Agreement Format in Kannada: 1. Identification of Parties (ಪಕ್ಷಗಳ ಗುರುತಿಸುವುದು): Ensure clarity by including the names, addresses, and contact details of both parties involved in the agreement — the lender and the borrower. 2. Loan Details (ಸಾಲದ ವಿವರ): Specify the loan amount (ಸಾಲ ಮೊತ್ತ), the purpose of the loan (ಸಾಲ ಉದ್ದೇಶ), and the repayment period (ಪಾಲಿತ ಅವಧಿ). 3. Interest Rate (ಬಡಿತ ದರ): Clearly mention the interest rate charged on the loan amount. Include the method of interest calculation and the frequency of repayment installments — monthly, quarterly, or annually. 4. Repayment Terms (ಪಾಲಿತ ವಿಧಿಗಳು): Outline the repayment schedule, including the due dates, the preferred mode of repayment (check, bank transfer, etc.), and any penalties for late payments. 5. Collateral (ಗೆರೆಗಾಗಿ ರೂಪಾಂತರವಿಸುವ ಆಸ್ತಿ): If the loan agreement involves collateral, detail the assets involved, their valuation, and conditions for repossession in case of default. 6. Governing Law (ನ್ಯಾಯಸಂಬಂಧವಾದ ನಿಯಮ): Specify the legal jurisdiction and governing law of the agreement, often the state and country where the agreement is being executed. 7. Signatures and Witness (ಸಹಿಮಾನ್ಯ): Ensure that both the lender and borrower sign the agreement, indicating their consent and commitment. Also, include signatures of two witnesses (ಸಾಕ್ಷಿ) to validate the authenticity of the agreement. By understanding the different types and key elements of a personal loan agreement format in Kannada, both lenders and borrowers can safeguard their interests and ensure a transparent contractual relationship. It is recommended to consult legal professionals for personalized advice and to draft an enforceable agreement.
