Personal Loan Agreement (Individual)

Date:          27 January 2022
Parties:       PARTY_2_NAME (“Borrower”)
                  PARTY_1_NAME (“Lender”)

1    Interpretation

1.1    In this agreement:

Business Day means a day, not being a Saturday or a Sunday, on which banks are open for general banking business in JURISDICTION_COUNTRY and .

Interest Rate means the rate of INTEREST_RATE % per annum. 

Interest Payment Date means the 1st day of each month, commencing on INTEREST_PAYMENT_DATE, until the Repayment Date.

Loan means the amount stated in clause 2.

Loss includes claim, liability, damage costs and expense.

Parties means the Borrower and the Lender and Party refers to either of them.

Other Amounts Payable means all amounts other than the Principal Outstanding payable by the Borrower under this agreement.

Principal Outstanding means the amount of the Loan which has been advanced from time to time and not repaid.

Relevant Jurisdiction means .

Repayment Date means the date or dates determined in accordance with clause 5.1.

Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty, interest or other amount payable in connection with any failure to pay or any delay in paying any of the same).

Interpretation rules
1.2    In this agreement, unless the contrary intention appears:
(a)    the singular includes the plural and the opposite and any gender includes the other genders;
(b)    an obligation
(i)    in favour of two or more persons is for their benefit jointly and severally;  and
(ii)    by two or more persons binds them jointly and each of them severally;
(c)    a reference to:
(i)    a person includes that person’s executors, administrators, successors and assigns;
(ii)    a document means that document as amended or replaced;
(iii)    a statute or other law means that statute or other law as amended or replaced, whether before or after the date of this agreement and includes regulations and other instruments made under it;
(iv)    to a clause or a schedule is a reference to a clause or a schedule in this deed;
(v)    a thing or an amount includes the whole and each part of it;
(vi)    a month means a calendar month;
(vii)    includes any person acting in that capacity;
(d)    where the word ‘including’ or ‘includes’ is used, it is to be taken to be followed by the words: ‘but not limited to’ or ‘but is not limited to’, as the case requires;
(e)    where a period of time is expressed to be calculated from or after a specified day, that day is included in the period;  and
(f)    ‘party’ means a party to this agreement.