The Informal Loan Agreement is designed for use in Malaysia when parties wish to document a loan arrangement outside of traditional banking channels. This document is particularly useful for loans between family members, friends, or small business associates where a formal bank loan isn't necessary or practical. The agreement ensures compliance with Malaysian legislation, including the Contracts Act 1950 and Moneylenders Act 1951, while maintaining a simpler structure than commercial loan agreements. It includes essential provisions for loan amount, interest, repayment terms, and default scenarios, providing legal protection for both lender and borrower while remaining accessible for non-legal professionals.
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1. Parties: Identifies and provides full details of the lender and borrower including names, identification numbers, and addresses
2. Background: Brief context of the loan arrangement and relationship between parties
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the principal amount being lent and its intended use
5. Interest Rate: States the agreed interest rate and calculation method
6. Repayment Terms: Details the repayment schedule, including payment amounts, frequency, and duration
7. Method of Payment: Specifies acceptable payment methods and account details
8. Events of Default: Defines what constitutes a default and its consequences
9. Governing Law: Confirms Malaysian law governs the agreement
10. Signatures: Space for parties to execute the agreement with witness provisions
1. Security: Include when the loan is secured by any assets or guarantees
2. Early Repayment: Include when early repayment is allowed and any associated terms
3. Late Payment Penalties: Include when specific penalties for late payment are to be imposed
4. Insurance Requirements: Include when borrower must maintain specific insurance coverage
5. Assignment: Include when either party may need to transfer their rights or obligations
6. Force Majeure: Include when parties want to address unforeseen circumstances affecting repayment
1. Repayment Schedule: Detailed table showing payment dates, amounts, and running balance
2. Security Details: If applicable, detailed description of any assets provided as security
3. Proof of Identity: Copies of identification documents of all parties
4. Bank Account Details: Payment account information for both parties
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