The Loan Acknowledgement Receipt is a fundamental document in Indian lending practices, used to formally document the transfer of loan funds from a lender to a borrower. This document is essential in both institutional and private lending scenarios, providing crucial evidence of the loan transaction and its terms. It complies with the Indian Contract Act, 1872, and relevant state money lending laws, serving as a legally admissible record of the debt. The receipt typically includes the loan amount, interest rate, repayment terms, and party details, making it valuable for record-keeping, legal compliance, and potential dispute resolution. It's particularly important in contexts where formal loan agreements might not be practical or necessary, such as in small-scale lending or emergency loans.
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1. Date and Place: The date and location where the receipt is executed
2. Parties Details: Full names, addresses, and identification details of the lender and borrower
3. Loan Amount: The principal amount of the loan in both figures and words
4. Acknowledgment Statement: Clear statement acknowledging receipt of the loan amount
5. Purpose of Loan: Brief description of the intended use of the loan amount
6. Repayment Terms: Details of how and when the loan will be repaid
7. Interest Rate: Applicable interest rate and calculation method
8. Signatures: Signatures of both parties and witnesses with dates
1. Security Details: Details of any collateral or security provided for the loan
2. Guarantor Information: Details and signature of guarantor if applicable
3. Default Terms: Consequences of default in repayment
4. Mode of Disbursement: Details of how the loan amount was transferred (cash/bank transfer/check)
5. Prepayment Terms: Terms and conditions for early repayment of the loan
6. Dispute Resolution: Method of resolving any disputes regarding the loan
1. Repayment Schedule: Detailed schedule of repayment installments with dates and amounts
2. Disbursement Schedule: Schedule of multiple loan disbursements if the loan is to be released in tranches
3. Security Details Annexure: Detailed description of security/collateral including photographs or documents
4. Bank Account Details: Bank account details of parties for loan disbursement and repayment
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Microfinance
Real Estate
Small Business and Entrepreneurship
Agriculture
Manufacturing
Retail
Education
Healthcare
Construction
Professional Services
Relevant Teams
Legal
Finance
Compliance
Risk Management
Credit Operations
Treasury
Debt Collection
Documentation
Corporate Affairs
Business Operations
Relevant Roles
Finance Manager
Loan Officer
Credit Analyst
Account Manager
Legal Counsel
Compliance Officer
Risk Manager
Treasury Manager
Banking Operations Manager
Debt Collection Officer
Financial Controller
Company Secretary
Business Development Manager
Relationship Manager
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