The Personal Loan Agreement serves as the primary legal document for personal lending transactions in the United Arab Emirates, structured to comply with UAE Federal Law No. 5 of 1985 (Civil Code) and UAE Federal Law No. 14 of 2018 (Central Bank Law). This document is essential when a financial institution extends credit to individual borrowers, whether through conventional or Islamic banking channels. It encompasses all necessary provisions required by UAE law, including loan amount, repayment terms, applicable interest/profit rates, and security arrangements. The agreement is designed to protect both lender and borrower interests while ensuring compliance with UAE Central Bank regulations on personal lending, including maximum loan amounts, debt burden ratios, and consumer protection requirements. It's particularly important in the UAE market where both conventional and Sharia-compliant lending options must be accommodated within the legal framework.
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1. Parties: Identification of the Lender (financial institution) and Borrower with full legal names and details
2. Background: Brief context of the loan arrangement and purpose
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the principal amount and declared purpose of the loan
5. Interest Rate and Charges: Details of applicable interest rate, calculation method, and other charges in compliance with UAE Central Bank regulations
6. Term and Repayment: Duration of the loan and detailed repayment schedule including installment amounts
7. Disbursement: Conditions and method of loan disbursement
8. Borrower's Representations and Warranties: Borrower's confirmations regarding their financial status, legal capacity, and accuracy of provided information
9. Borrower's Covenants: Ongoing obligations of the borrower during the loan term
10. Events of Default: Circumstances constituting default and consequences thereof
11. Early Repayment: Terms and conditions for early loan settlement including any applicable fees
12. Notices: Communication protocols between parties
13. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction for disputes
1. Security Arrangements: Required when loan is secured against assets or collateral
2. Guarantor Provisions: Included when a third-party guarantor is involved in the loan arrangement
3. Insurance Requirements: Needed when loan terms require life or other insurance coverage
4. Sharia Compliance Declaration: Required for Islamic banking products to confirm compliance with Sharia principles
5. Change of Circumstances: Optional provisions for handling significant changes in borrower's financial situation
6. Assignment and Transfer: Included when either party may need to transfer rights under the agreement
7. Multiple Borrowers: Required when loan is taken jointly by more than one borrower
1. Schedule 1 - Repayment Schedule: Detailed breakdown of repayment dates and installment amounts
2. Schedule 2 - Fees and Charges: Comprehensive list of all applicable fees and charges
3. Schedule 3 - Disbursement Conditions: List of conditions precedent to loan disbursement
4. Schedule 4 - Security Details: Details of any security or collateral (if applicable)
5. Appendix A - KYC Documents: List of required Know Your Customer documents
6. Appendix B - Auto-Debit Authorization: Form for automatic payment setup from borrower's account
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Islamic Banking
Consumer Finance
Retail Banking
Legal Services
Financial Technology
Consumer Services
Relevant Teams
Legal
Compliance
Retail Banking
Credit Risk
Operations
Customer Service
Documentation
Islamic Banking
Collections
Risk Management
Personal Banking
Branch Operations
Relevant Roles
Loan Officer
Credit Manager
Retail Banking Manager
Compliance Officer
Legal Counsel
Risk Manager
Personal Banking Executive
Branch Manager
Credit Analyst
Banking Operations Manager
Sharia Compliance Officer
Customer Service Manager
Documentation Specialist
Relationship Manager
Collections Manager
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