An incremental loan agreement is one which provides an opportunity for the loan borrowers to increase the loan on an existing loan. This facility is provided by the lending company to the borrower which helps enhance financial credibility.
The lender offers this additional loan on the existing loan wherein an agreement defines the terms and conditions of this additional loan amount. The lender charges the processing fees on the incremental loan amount.
The incremental loan agreement has details such as the amount of incremental loan given, the rate of interest, and the processing fees thereof apart from the maturity date of the incremental loan. Apart from these details other ancillary details such as financial statements, guarantors to the incremental loan along with the parties to the agreement are mentioned clearly along with their respective addresses. In order to have legality for this agreement the borrower should acknowledge the agreement and its acceptance in written by agreeing to the terms mentioned in it.
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