Personal Credit Agreements are essential documents in Singapore's consumer finance landscape, used when individuals seek to borrow money from financial institutions or licensed lenders. The agreement must comply with Singapore's robust financial regulations, including the Banking Act and Moneylenders Act. A Personal Credit Agreement typically includes detailed terms about the loan amount, interest calculations, repayment schedule, borrower obligations, and default provisions. It serves to protect both lender and borrower by clearly documenting the lending relationship and ensuring transparency in line with Singapore's financial services regulations.
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Key Requirements PROMPT example:
Personal Credit Agreement
"I need a Personal Credit Agreement for a secured loan of SGD 50,000 with a 3-year term, where the borrower will provide their vehicle as collateral, to be effective from March 1, 2025."
1. Parties: Identification of lender and borrower with full details
2. Background: Context of the credit agreement and purpose of the loan
3. Definitions: Key terms used tHRoughout the agreement
4. Loan Amount and Purpose: Specific amount being lent and its intended use
5. Interest Rate and Charges: Details of interest calculation and additional fees
6. Repayment Terms: Schedule and method of repayment
7. Events of Default: Circumstances constituting default and consequences
8. Representations and Warranties: Borrower's declarations regarding their financial status
1. Security: Details of any collateral or guarantees - include when loan is secured
2. Insurance Requirements: MaNDAtory insurance coverage - include when insurance is required for the loan
3. Early Repayment: Terms for early loan settlement - include if early repayment is permitted
4. Assignment: Rights to assign the agreement - include when assignment rights are relevant
1. Repayment Schedule: Detailed payment dates and amounts
2. Fee Schedule: Breakdown of all applicable fees and charges
3. Security Documents: Details of any security arrangements if applicable
4. Personal Information Form: Borrower's personal and financial information
5. Standard Terms and Conditions: General terms applicable to all credit agreements
Authors
Relevant legal definitions
Agreement
Applicable Law
Application
Borrower
Business Day
Completion Date
Default Interest Rate
Default Event
Disbursement Date
Due Date
Early Repayment
Effective Date
Facility
Final Repayment Date
Finance Charges
Financial Indebtedness
Interest Period
Interest Rate
Late Payment Fee
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Outstanding Balance
Party/Parties
Payment Date
Personal Data
Processing Fee
Repayment Schedule
Security
SGD
Singapore Dollars
Standard Interest Rate
Term
Total Amount Payable
Applicable Law
Application
Borrower
Business Day
Completion Date
Default Interest Rate
Default Event
Disbursement Date
Due Date
Early Repayment
Effective Date
Facility
Final Repayment Date
Finance Charges
Financial Indebtedness
Interest Period
Interest Rate
Late Payment Fee
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Outstanding Balance
Party/Parties
Payment Date
Personal Data
Processing Fee
Repayment Schedule
Security
SGD
Singapore Dollars
Standard Interest Rate
Term
Total Amount Payable
Clauses
Credit Facility
Interest and Charges
Repayment
Security
Representations and Warranties
Covenants
Conditions Precedent
Events of Default
Remedies
Payment Terms
Early Repayment
Set-off Rights
Personal Data Protection
Confidentiality
Assignment
Notices
Amendment
Governing Law
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Warranties
Indemnification
Insurance
Default Interest
Term and Termination
Communications
Borrower Undertakings
Change in Circumstances
Interest and Charges
Repayment
Security
Representations and Warranties
Covenants
Conditions Precedent
Events of Default
Remedies
Payment Terms
Early Repayment
Set-off Rights
Personal Data Protection
Confidentiality
Assignment
Notices
Amendment
Governing Law
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Warranties
Indemnification
Insurance
Default Interest
Term and Termination
Communications
Borrower Undertakings
Change in Circumstances
Relevant Industries
Relevant Teams
Relevant Roles
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