The Personal Loan Contract With Collateral is a crucial document used in Malaysian lending transactions where an individual borrower provides specific assets as security for a personal loan. This document is essential when financial institutions require additional security beyond the borrower's income and credit standing. It must comply with Malaysian banking regulations, particularly the Financial Services Act 2013 and the Contracts Act 1950. The agreement details the loan terms, describes the collateral, establishes the security interest, and outlines the rights and remedies of both parties. It's particularly important in situations where the loan amount is substantial or when the borrower's creditworthiness requires additional security measures. The document includes specific provisions for collateral valuation, maintenance, and enforcement procedures in accordance with Malaysian law.
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1. Parties: Identification of the lender and borrower with complete details including name, ID/registration number, and address
2. Background: Context of the loan agreement, including the borrower's request for the loan and the lender's agreement to provide it subject to collateral
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the loan amount, purpose, and disbursement details
5. Interest Rate and Charges: Details of interest rate, calculation method, and other applicable charges
6. Repayment Terms: Schedule of repayments, payment methods, and prepayment provisions
7. Collateral Details: Description of the collateral, its value, and conditions for maintenance
8. Security Arrangements: Terms regarding the creation, perfection, and maintenance of security interest in the collateral
9. Representations and Warranties: Standard declarations by the borrower regarding their capacity, authority, and financial condition
10. Events of Default: Circumstances constituting default and consequences thereof
11. Enforcement Rights: Lender's rights and remedies in case of default, including collateral disposal
12. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction
1. Insurance: Required when the collateral needs to be insured or when loan insurance is required
2. Guarantor Provisions: Included when there is a guarantor in addition to the collateral
3. Cross-Default: Used when the borrower has other loans or financial obligations with the lender
4. Assignment and Transfer: Included when the lender wants the right to assign or transfer the loan
5. Special Conditions: For any additional conditions specific to the particular loan or borrower
1. Schedule 1 - Loan Details: Detailed breakdown of loan amount, interest rate, tenure, and repayment schedule
2. Schedule 2 - Collateral Description: Detailed description and valuation of the collateral, including any identifying numbers or marks
3. Schedule 3 - Fees and Charges: Comprehensive list of all applicable fees and charges
4. Appendix A - Repayment Schedule: Amortization table showing all scheduled repayments
5. Appendix B - Security Documents: List of all security documents executed in relation to the collateral
6. Appendix C - Condition Report: Current condition and valuation report of the collateral
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Consumer Finance
Retail Banking
Asset Management
Wealth Management
Legal Services
Real Estate
Insurance
Relevant Teams
Legal
Credit
Risk Management
Compliance
Collections
Documentation
Client Relations
Operations
Loan Processing
Security Administration
Relevant Roles
Loan Officer
Credit Manager
Legal Counsel
Compliance Officer
Risk Manager
Credit Analyst
Banking Manager
Collections Manager
Relationship Manager
Document Controller
Contract Administrator
Mortgage Specialist
Security Documentation Officer
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