Contract of Loan
Contract of Loan
-W I T N E S S E T H-
That the FIRST PARTY has granted the request of the SECOND PARTY for a
loan in the amount of ONE HUNDRED FIFTY THOUSAND PESOS (Php150,000.00)
Philippine Currency.
NOW THEREFORE, for and in consideration of the foregoing premises, the First
party hereby grants and approves a loan in the amount ONE HUNDRED FIFTY
THOUSAND PESOS (Php150,000.00) Philippine Currency subject to the following
terms and conditions:
1. That the both parties agreed that the period of the loan shall be for
three months starting on __________________ and ending
on.__________________.
2. Both parties agreed that there shall be a charge of 20% interest on the
principal amount of loan, payable within 3 months in every 10 th and
25th of the month without need of any demand until the principal
amount and the interest is paid.
a. Computation
Principal: Php 150,000.00
Interest (20%): Php 30,000.00
Total amount due: Php 180,000.00 (Principal +Interest)
b. Payment scheme:
10th of 1st month due: Php 30,000.00
25th of 1st month due: Php 30,000.00
10th of 2nd month due: Php 30,000.00
25th of 2nd month due: Php 30,000.00
10th of 3rd month due: Php 30,000.00
25th of 3nd month due Php 30,000.00
WITNESS:
_____________________________ _____________________________
ACKNOWLEDGMENT
Before me, a Notary Public for and in the City of Lipa, personally appeared with
ID NO. and ______________________ with ID Number
_________________________known to me and to me known the same persons who
executed the foregoing documents denominated as a “Contract of Loan” and who
acknowledged having executed the same of their own free will and deed.
The foregoing documents consisting of two (2) pages including this page herein
the acknowledgement appears are duly signed by the parties and their instrumental
witnesses on the left hand margin thereof.
IN WITNESS WHEREOF, I have hereunto set my hand and seal in the City of
____ City, this ___________________ day __________________________, 20__.