This document serves as a standardized Simple Interest Loan Agreement template designed specifically for use in the Philippines. It is particularly useful for financial institutions, businesses, and individuals engaging in lending transactions where interest is calculated solely on the principal amount, without compounding. The agreement ensures compliance with Philippine banking regulations, including the Civil Code of the Philippines, Truth in Lending Act, and relevant BSP circulars. It can be used for various loan purposes, from business expansion to personal financing, and includes all necessary provisions for loan amount, interest calculation, repayment terms, security arrangements, and default scenarios. The template is structured to accommodate both corporate and individual borrowers while maintaining the formal requirements for enforceability under Philippine law.
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1. Parties: Identifies and provides complete details of the Lender and Borrower, including their legal names, addresses, and tax identification numbers as required by Philippine law
2. Background: Briefly explains the context of the loan and the parties' intention to enter into this agreement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Loan Amount and Purpose: Specifies the principal amount being lent and the intended use of the loan proceeds
5. Interest Rate: Details the simple interest rate to be applied, calculation method, and compliance with Philippine banking regulations
6. Term and Repayment: Specifies the loan duration and repayment schedule, including payment amounts, dates, and method of payment
7. Security: Details any collateral or security provided for the loan
8. Representations and Warranties: Standard declarations by the Borrower about their legal capacity and financial condition
9. Events of Default: Lists circumstances that constitute default and the consequences thereof
10. Remedies: Outlines the Lender's rights and remedies in case of default
11. Governing Law and Jurisdiction: Specifies Philippine law as governing law and designates jurisdiction for dispute resolution
12. Notice Provisions: Details how formal communications between parties should be made and delivered
13. Execution: Signature blocks and execution formalities compliant with Philippine requirements
1. Guarantor Provisions: Include when a third party is guaranteeing the loan
2. Insurance Requirements: Include when the Borrower is required to maintain specific insurance coverage
3. Prepayment Terms: Include when early repayment is allowed, specifying any penalties or conditions
4. Assignment and Transfer: Include when either party may need to transfer their rights or obligations
5. Co-Borrower Provisions: Include when there are multiple borrowers
6. Electronic Execution: Include when the agreement may be executed electronically under the E-Commerce Act
7. Force Majeure: Include when parties want to address extraordinary circumstances affecting loan obligations
1. Schedule 1 - Repayment Schedule: Detailed amortization table showing payment dates, principal and interest components
2. Schedule 2 - Collateral Details: Detailed description of any security or collateral provided
3. Schedule 3 - Conditions Precedent: List of documents and conditions required before loan disbursement
4. Schedule 4 - Form of Promissory Note: Template of the promissory note to be executed by the Borrower
5. Schedule 5 - Disclosure Statement: Truth in Lending Act disclosures including effective interest rate and all charges
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