Acknowledgement Of Loan Template for Singapore

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Key Requirements PROMPT example:

Acknowledgement Of Loan

"I need an Acknowledgement of Loan document for a personal loan of SGD 50,000 from my uncle, with quarterly repayments over 3 years starting from March 2025, and I want to include a guarantor clause for my brother."

Document background

An Acknowledgement of Loan is a crucial document in Singapore's lending landscape that provides written evidence of a borrower's receipt of funds and commitment to repay. This document is commonly used when loans are made between parties and serves as proof of the debt obligation. It typically includes essential details such as the loan amount, interest rate, repayment terms, and any security arrangements. Under Singapore law, this document helps protect the lender's interests and can be used as evidence in legal proceedings. The acknowledgement should comply with various Singapore regulations, including the Moneylenders Act and Civil Law Act.

Suggested Sections

1. Borrower Details: Full name, identification, and contact information of the borrower

2. Loan Amount: Specific amount borrowed in numbers and words

3. Date of Loan: When the loan was provided

4. Acknowledgement Statement: Clear statement acknowledging receipt and obligation to repay

5. Repayment Terms: Payment schedule, interest rate, and method of repayment

Optional Sections

1. Security Details: Description of any collateral or security provided for secured loans

2. Guarantor Details: Information about any third-party guarantors when applicable

3. Early Repayment Terms: Conditions and provisions for early loan settlement when permitted

Suggested Schedules

1. Repayment Schedule: Detailed breakdown of payment dates and amounts

2. Security Documents: Copies of security-related documentation

3. Proof of Disbursement: Evidence of loan disbursement including bank transfer records or receipts

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Finance
Private Lending
Real Estate
Small Business

Relevant Teams

Finance
Legal
Credit
Risk Management
Operations

Relevant Roles

Chief Financial Officer
Finance Manager
Legal Counsel
Credit Officer
Loan Officer

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Let's create your Acknowledgement Of Loan

Authors

Alex Denne

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