Loan agreement is that in which one party agree to pay a specific amount to other party for a specific time period. This agreement mostly held between financial institute like bank and then person who want to take amount. Total amount is mentioned in the contract that is given, and also defines the monthly or annual interest rate that is charged on given amount. Repayment method is also described, installment also determined in loan agreement. Time period is given to person for whom he returns the amount to financial institute or bank.
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