A loan Agreement is an understanding between a Lender and a Borrower describing the terms and conditions under which the loan is provided. It defines the rights and obligations of both parties involved in the lending arrangement and serves as a written record of the agreement.
The purpose of a Loan Agreement is to formalize the terms and conditions of a loan arrangement between a lender and a borrower. This legally binding document outlines the rights and obligations of both parties involved in the loan transaction.