When you agree on mutually beneficial terms with your lender, you can use this Agreement Letter for Loan to formalize this arrangement.
[Sender’s Name]
[City, State and Zip Code]
[Mobile Number]
[Email Address]
[Date]
[Recipient’s Name]
[Bank’s Name]
[City, State and Zip Code]
[Mobile Number]
Reference: Agreement on Loan Terms
I am writing this Agreement Letter for Loan to let you know that I agree to the terms laid down by [Bank’s Name] regarding the loan [Loan Reference] of [Loan Amount].
The terms of the agreement state that the repayment will be on [Date] monthly, and delays will attract penalties. Interest on the loan amount will be charged at an effective interest rate of [Percentage]. The assets held in lien for the loan will be returned upon completion of payment of the amount [Loan Amount].
In the event of default, assets held will be sold at the current market value to recover the loan amount. I have consented to all the terms. Please find attached all signed documentation to enforce this agreement.
Sincerely,
[Sender’s Signature]
[Sender’s Name]
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