Loan Repayment Agreement Letter Template for Singapore

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Key Requirements PROMPT example:

Loan Repayment Agreement Letter

"Need a Loan Repayment Agreement Letter for a personal loan of SGD 50,000 with my uncle, to be repaid over 24 months starting March 2025, with 5% annual interest and monthly payments."

Document background

The Loan Repayment Agreement Letter is essential when restructuring or formalizing the repayment terms of an existing loan in Singapore. It's commonly used when payment terms need modification, during debt restructuring, or when formalizing previously informal lending arrangements. The document must comply with Singapore's Moneylenders Act and Banking Act, particularly regarding interest rate caps and documentation requirements. It typically includes detailed payment schedules, interest calculations, and default provisions, providing a clear framework for loan repayment and protecting both parties' interests.

Suggested Sections

1. Date and Address Block: Current date and recipient's contact details including registered address

2. Reference Line: Original loan agreement reference number and date of original agreement

3. Outstanding Amount Statement: Clear statement of the remaining balance and calculation as of the current date

4. Repayment Terms: Detailed outline of the new payment schedule, amounts, and frequency of payments

5. Interest Rate Declaration: Statement of applicable interest rate, calculation method, and compliance with Singapore lending laws

6. Payment Method Details: Specification of accepted payment methods and complete account/payment details

7. Acknowledgment Request: Formal request for written confirmation of acceptance of the repayment terms

Optional Sections

1. Late Payment Terms: Additional section specifying penalties, interest, and consequences for late payments in accordance with Singapore law

2. Early Repayment Provisions: Terms and conditions for early repayment, including any applicable fees or benefits

3. Security Details: Description of any collateral or security arrangements associated with the loan

4. Default Consequences: Detailed outline of actions to be taken in case of default, including legal remedies

5. Governing Law Statement: Explicit statement that the agreement is governed by Singapore law

Suggested Schedules

1. Repayment Schedule: Detailed table showing payment dates, amounts, and running balance

2. Original Loan Agreement: Copy of the initial loan agreement attached for reference

3. Statement of Account: Current loan balance and payment history to date

4. Direct Debit Authorization Form: Standard form for setting up automatic payments if applicable

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 & Finance
Real Estate
Small Business
Consumer Finance
Education

Relevant Teams

Finance
Legal
Credit
Collections
Risk Management
Operations

Relevant Roles

Credit Manager
Financial Controller
Loan Officer
Collections Manager
Risk Manager
Legal Counsel

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Let's create your Loan Repayment Agreement Letter

Authors

Alex Denne

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