The Interest Bearing Loan Agreement is essential for documenting financial arrangements where funds are lent with interest in Singapore. It serves as a comprehensive contract protecting both lender and borrower interests, establishing clear terms for loan disbursement, interest calculation, repayment obligations, and consequences of default. This document is crucial for compliance with Singapore's strict lending regulations, particularly the Moneylenders Act and Banking Act, and should be carefully drafted to ensure enforceability and regulatory compliance.
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1. Parties: Identification and details of the lender and borrower
2. Background: Context of the loan arrangement and relationship between parties
3. Definitions: Key terms used throughout the agreement including interest calculation methods and payment periods
4. Loan Amount and Purpose: Principal amount and specified use of funds
5. Interest Rate and Calculation: Interest rate, calculation method, and payment schedule in compliance with Moneylenders Act
6. Repayment Terms: Schedule and method of repayment including payment dates and amounts
7. Events of Default: Circumstances constituting default and consequences
8. Representations and Warranties: Statements of fact and assurances by parties
9. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for disputes
1. Security: Details of any collateral or guarantees, including registration requirements under Singapore law
2. Insurance Requirements: Required insurance coverage for secured assets and assignment of policies
3. Prepayment Provisions: Terms for early repayment including any penalties or fees
4. Assignment and Transfer: Rights and restrictions regarding assignment of the loan agreement
5. Data Protection: Provisions regarding handling of personal data under PDPA
1. Repayment Schedule: Detailed payment dates and amounts including principal and interest breakdown
2. Security Details: Comprehensive description of security/collateral if applicable
3. Interest Calculation Examples: Illustrations of interest calculations and payment scenarios
4. Form of Drawdown Notice: Template for requesting loan disbursement
5. Compliance Certificate: Form of certificate confirming compliance with loan terms
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