If you`re looking to borrow money in Nigeria, it`s important to have a loan agreement in place. A loan agreement outlines the terms and conditions of a loan, including the amount borrowed, the interest rate, and the repayment schedule.
To help you get started, we`ve put together a loan agreement sample in Nigeria:
LOAN AGREEMENT
This loan agreement (the “Agreement”) is made on __________ (the “Effective Date”) between __________ (the “Lender”) and __________ (the “Borrower”).
1. Loan Amount
The Lender agrees to loan the Borrower the sum of __________ (the “Loan Amount”) to be repaid in accordance with the terms and conditions of this Agreement.
2. Interest Rate
The interest rate on the Loan Amount shall be __________% per annum, calculated on a daily basis from the date of disbursement until the date of full repayment.
3. Repayment Schedule
The Borrower shall repay the Loan Amount in __________ (the “Repayment Period”) equal installments, with the first installment due on __________ (the “First Repayment Date”).
4. Prepayment
The Borrower may prepay the Loan Amount at any time without penalty.
5. Default
If the Borrower fails to make any payment under this Agreement within __________ (the “Grace Period”) days of the due date, the Loan Amount shall be deemed in default and the Lender shall have the right to demand immediate payment of the entire outstanding balance, including any accrued interest.
6. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of Nigeria.
7. Entire Agreement
This Agreement constitutes the entire agreement between the parties and supersedes all prior negotiations, understandings, and agreements between them relating to the subject matter hereof.
8. Amendment
This Agreement may be amended or modified only by mutual written agreement of the parties.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
_____________________ ________________
Lender Borrower
As with any legal document, it`s important to seek the advice of a lawyer before signing anything. This sample loan agreement can be used as a starting point, but it is not a substitute for professional legal advice.