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 document form is an essential record used in India to formalize the lending of money from one party to another for personal reasons. This document outlines all the necessary details and terms of the loan transaction, ensuring the legal and financial protection of both the lender and the borrower. The Personal loan document form format in India typically includes the following key elements: 1. Heading: This section contains the title "Personal Loan Document" followed by the date and the names of both the lender and the borrower. The document may also include their contact information like address, email, and phone number. 2. Loan Amount: This section specifies the exact amount of money being lent to the borrower. It should be mentioned both in words and figures to avoid any ambiguity. 3. Interest Rate: The document clearly mentions the interest rate applicable to the loan. The rate could be fixed or floating, depending on the agreement between the parties. 4. Repayment Terms: This section outlines the terms and conditions for loan repayment. It includes information about the installment amount, frequency of payments (monthly, quarterly, or annually), and the tenure of the loan. 5. Security/Collateral: If the loan is secured by any collateral, such as property, gold, or shares, details regarding the collateral should be recorded in this section. 6. Late Payment Charges: In case of delayed payments or default, the document may specify the penalty or late payment charges that the borrower will be liable to pay. 7. Prepayment Clause: This clause mentions whether the borrower has the provision to prepay the loan before the agreed-upon tenure and if any penalty charges are applicable. 8. Signatures: The Personal loan document form requires the signatures of both the lender and the borrower, indicating their agreement to the outlined terms and conditions. Apart from the standard Personal loan document form, there are various types specific to the borrower's requirements, such as: 1. Personal Loan Agreement Form: This is a comprehensive document that covers all the essential clauses of a personal loan, including the terms and conditions. 2. Promissory Note: This is a simple document that contains a promise from the borrower to repay the borrowed amount within a specified time frame. 3. Loan Application Form: This form is used by the borrower to provide their personal and financial details, which help in assessing their eligibility for the loan. 4. Power of Attorney: In certain cases, the lender may require the borrower to provide a Power of Attorney document, granting them the authority to take legal actions in case of default. It is important for both the lender and the borrower to carefully review and understand the Personal loan document form format in India before signing it to ensure transparency, clarity, and protection of their respective rights.
