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Loan Receipt Agreement

Loan Receipt Agreement Template for Singapore

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Key Requirements PROMPT example:

Loan Receipt Agreement

"I need a Loan Receipt Agreement for a secured business loan of SGD 500,000 with a 24-month repayment term, where my company's equipment will serve as collateral, to be effective from March 1, 2025."

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Document background
The Loan Receipt Agreement is a crucial document in Singapore's lending landscape, used to formalize and document loan transactions between parties. This agreement serves as both proof of debt and a binding contract that outlines the terms of repayment, interest rates, and consequences of default. Under Singapore law, the document must comply with the Moneylenders Act and related regulations, particularly regarding interest rate caps and documentation requirements. The agreement is essential for protecting both lender and borrower interests and can be used in various contexts, from personal loans to business financing.
Suggested Sections

1. Parties: Identification of lender and borrower with full details

2. Background: Context of the loan and relationship between parties

3. Definitions: Key terms used throughout the agreement

4. Loan Amount and Purpose: Specification of loan amount and intended use

5. Interest Rate: Agreed interest rate and calculation method

6. Repayment Terms: Schedule and method of repayment

7. Default Provisions: Consequences of default and remedies

8. Governing Law: Specification of Singapore law as governing law

Optional Sections

1. Security Provisions: Details of any collateral or security - include when loan is secured

2. Guarantor Provisions: Terms relating to guarantors - include when loan includes guarantors

3. Early Repayment: Terms for early loan settlement - include if early repayment is permitted

4. Insurance Requirements: Required insurance coverage - include when specific insurance is required

Suggested Schedules

1. Repayment Schedule: Detailed payment dates and amounts

2. Security Details: Description of security/collateral if applicable

3. Guarantor Details: Information about guarantors if applicable

4. Conditions Precedent: List of conditions to be met before loan disbursement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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alex.den.21@genieai.co
Industries

Moneylenders Act (Chapter 188): Primary legislation governing money lending activities in Singapore, including licensing requirements, conduct of business, and interest rate caps

Contracts Act (Chapter 53): Core legislation governing contract formation, validity, and enforcement in Singapore, essential for the basic structure of the loan agreement

Civil Law Act (Chapter 43): Fundamental legislation affecting civil matters including contractual relationships and remedies in Singapore

Moneylenders Rules: Subsidiary legislation providing detailed regulations for money lending operations and documentation requirements

MAS Guidelines: Regulatory guidelines from the Monetary Authority of Singapore affecting financial institutions and lending practices

Stamp Duties Act: Legislation governing stamp duty requirements for loan documentation and security instruments

Consumer Protection (Fair Trading) Act: Legislation protecting consumer interests in financial transactions, including unfair practices in lending

Unfair Contract Terms Act: Legislation regulating and restricting the use of unfair terms in contracts, including loan agreements

Securities and Futures Act: Relevant when the loan involves securities or is secured by financial instruments

Property Law: Legal provisions governing real estate as security for loans, including mortgages and charges

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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