The Installment Loan Agreement Promissory Note is a vital financial instrument used in the Philippines for both consumer and business lending. This hybrid document combines the detailed terms and conditions of a loan agreement with the negotiable nature of a promissory note, making it particularly useful for structured repayment scenarios. It's commonly used by banks, financial institutions, and private lenders when extending credit that will be repaid in regular installments. The document must comply with Philippine banking regulations, the Truth in Lending Act, and the Negotiable Instruments Law, requiring specific disclosures about interest rates, fees, and the total cost of credit. It's especially relevant for secured and unsecured loans where regular payments are expected over a fixed term, providing both parties with clear documentation of their rights and obligations.
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1. Parties: Identifies and defines the Lender and Borrower with complete names, addresses, and tax identification numbers
2. Background: Brief context of the loan arrangement and purpose
3. Definitions: Defines key terms used throughout the agreement including 'Business Day', 'Default Interest', 'Loan Amount', 'Interest Rate', etc.
4. Loan Amount and Purpose: Specifies the principal amount being borrowed and its intended use
5. Interest Rate: Details the agreed interest rate, calculation method, and compliance with Philippine banking regulations
6. Repayment Terms: Specifies the installment payment schedule, amounts, and payment methods
7. Representations and Warranties: Borrower's declarations regarding their capacity to enter into the agreement and accuracy of provided information
8. Events of Default: Lists circumstances that constitute default and their consequences
9. Remedies: Outlines the Lender's rights and remedies in case of default
10. Notices: Specifies how formal communications between parties should be made
11. Governing Law: Confirms Philippine law as governing law and jurisdiction for disputes
12. Execution: Signature blocks and notary provisions
1. Security: Include when the loan is secured by collateral, describing the security arrangement
2. Guarantor Provisions: Include when there is a guarantor for the loan
3. Insurance: Include when insurance is required for secured property or life insurance for the borrower
4. Prepayment Terms: Include if early repayment is allowed, specifying any penalties or conditions
5. Assignment: Include if either party may assign their rights under the agreement
6. Co-Borrower Provisions: Include when there are multiple borrowers
7. Electronic Execution: Include if the agreement may be executed electronically under the E-Commerce Act
1. Schedule 1 - Repayment Schedule: Detailed amortization table showing payment dates, principal and interest breakdown
2. Schedule 2 - Disclosure Statement: Truth in Lending Act disclosures including effective interest rate and total cost of credit
3. Schedule 3 - Security Details: If applicable, detailed description of collateral including registration numbers, locations, etc.
4. Appendix A - Payment Instructions: Bank account details and accepted payment methods
5. Appendix B - Required Documents: List of documents required from the Borrower (e.g., ID, proof of income, etc.)
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Microfinance
Consumer Lending
Real Estate
Small Business Lending
Agricultural Finance
Manufacturing
Retail
Construction
Relevant Teams
Legal
Compliance
Credit Risk
Operations
Collections
Finance
Customer Service
Documentation
Underwriting
Branch Operations
Relevant Roles
Credit Officer
Loan Officer
Legal Counsel
Compliance Officer
Risk Manager
Banking Operations Manager
Collections Manager
Financial Analyst
Credit Risk Analyst
Branch Manager
Relationship Manager
Document Controller
Chief Financial Officer
Chief Legal Officer
Underwriter
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