Loan Agreement

服务描述

• A Loan Agreement is a legally binding contract between a lender and a borrower that outlines the terms and conditions for borrowing and repaying a specified amount of money. It protects the interests of both parties and ensures clarity on repayment schedules, interest rates, and default consequences.

GOV Department

• (Depends on the nature of the loan, e.g., Bank Negara Malaysia (BNM) for financial institutions or Suruhanjaya Syarikat Malaysia (SSM) for private business loans.)

执照名称（马来文）

• Perjanjian Pinjaman

Details

• Specifies the loan amount, repayment terms, interest rate, and duration.
• Includes clauses for default, penalties, and early repayment options.
• Defines the responsibilities and rights of both the lender and borrower.
• May require collateral as security for the loan, depending on the agreement.

Important Rules

• The agreement must be signed by both parties and, if necessary, witnessed by a third party.
• Loan terms must comply with relevant financial regulations, such as the Moneylenders Act 1951 or Contracts Act 1950.
• Interest rates must not exceed the legal limit set by Bank Negara Malaysia for financial institutions or the Moneylenders Act for private loans.
• Collateral provided as security must be documented and legally enforceable.
• Any amendments to the agreement must be mutually agreed upon and documented.

Compound & Punishment

• Failure to repay as per the terms of the agreement may lead to:
  • Legal action for recovery of the loan amount.
  • Penalties or interest charges for late payments.
• Misrepresentation or falsification of loan terms may result in:
  • Fines or imprisonment under applicable financial laws.
  • Invalidation of the agreement and legal repercussions for the guilty party.

法律顾问