Agreement Letter for Borrowing Money Template [Nigeria]
Updated June 25, 2023
This document can be used to record the terms of a loan between related parties. It serves to highlight the loan terms in lieu of a loan and finance agreement, and is utilized by business owners in need of financing to acquire a loan from a related party, such as a subsidiary or individual who has a close relationship with the owner.
This letter is necessary to clearly outline the intentions of the parties, as well as their rights and obligations in regards to the loan. By having this agreement in place, the parties can avoid potential conflicts regarding the payment terms.
Generate your
How to use this
In preparing this letter the following terms has to be clearly stated:
- Identify parties to this agreement
- Loan Amount
- Loan Interest Rate
- Outline the repayment terms of the loan
- Sign and Date the agreement
Other names for
- Loan letter.
- Terms of Loan Agreement
Applicable Laws in Nigeria
- Companies and Allied Matters Act, 2020
- Contract Law of a State, e.g. Law Reforms (Contract law), Lagos State, 2015
- Company Income Tax Act
- Banking and Other Financial Institution Act (Applicable where the Lender is a Bank).
- Money Lending Law of a State where applicable
- Insurance Act.
Other documents:
Deed of Mortgage
If you’re gearing up to borrow money against land in Nigeria, a Deed of Mortgage is your go-to tool. You transfer land interest as collateral, ensuring your lender gets paid or your obligations are met. Once you fulfill your end of the deal, the land interest reverts to you — no strings attached. As the…
Copyright Agreement
A Copyright Agreement is a vital contract setting the terms upon which a copyright owner permits others to utilize, share, adapt, or exhibit their intellectual property. It clearly defines both parties’ obligations – ensuring the licensor keeps full ownership while granting the licensee specified usage rights for a defined time. This agreement is not just…
Contract for Services
Discover a framework designed to streamline the collaboration between clients and service providers. This foundational agreement outlines critical aspects of the professional relationship, detailing mutual responsibilities, agreed payment terms, and the scope of services delivered. Tailored for versatility, the “Service Agreement” term encompasses a wide array of applications, adapting effortlessly to the unique demands of…