A loan agreement is a deal signed between two parties, a creditor and a debtor, whereby the details of a loan are given such as the amount of loan give, when is the amount to be written, how will the payments be made – in installments or in a lump sum, what is the rate of interest and under what circumstances will the agreement be terminated.
A loan agreement must always include the correct names and addresses of both the parties and the loan amount must also be clearly mentioned so that there is no confusion later. The agreement must also include any special conditions if any. A person may also need to describe why he needs the loan and where will the loaned amount be used, for eg, is the loan needed to buy a car or a house or for educational expenses. The agreement must be properly signed by both the creditor and the debtor and must be notarized .
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