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Loan Agreement
Wondering what is a loan agreement? This document is a crucial contract that defines the financial terms and conditions between a borrower and a lender. A loan agreement contains important information relating to the:
- Loan amount
- Repayment tenure
- Interest rates and other charges applicable such as late fees, processing fees and more
- Repayment schedule and structure
- Insurance, if any
- Collateral, if it is a secured loan
Knowing the loan agreement meaning and importance, make sure you read this contract carefully before you sign up for a credit facility.
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