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:
Non-Disclosure/Confidentiality Agreement
Learn how a Non-Disclosure Agreement protects sensitive business information. Our overview guides you in creating and using this essential document.
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…
Power of Attorney – General
A Power of Attorney (POA) isn’t just paperwork—it’s a pivotal tool that grants someone the authority to act on your behalf. This could be for legal issues, property management, or financial decisions.