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  • Contract of Loan

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    Ginataang Socks
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    This document is a contract of loan between two parties. The first party has granted a loan of 150,000 Philippine pesos to the second party. The loan has a 3 month term, with interest of 20% on the principal amount. The second party must make bi-monthly installment payments of 30,000 pesos on the 10th and 25th of each month. If payment is not made on time, the second party will be liable for liquidated damages of 20% of the principal per additional month. Both parties signed the contract in Lipa City, Philippines.

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    contract-of-loan

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    This document is a contract of loan between two parties. The first party has granted a loan of 150,000 Philippine pesos to the second party. The loan has a 3 month term, with interest of 20% on the principal amount. The second party must make bi-monthly installment payments of 30,000 pesos on the 10th and 25th of each month. If payment is not made on time, the second party will be liable for liquidated damages of 20% of the principal per additional month. Both parties signed the contract in Lipa City, Philippines.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    2 views2 pages

    Contract of Loan

    Uploaded by

    Ginataang Socks
    This document is a contract of loan between two parties. The first party has granted a loan of 150,000 Philippine pesos to the second party. The loan has a 3 month term, with interest of 20% on the principal amount. The second party must make bi-monthly installment payments of 30,000 pesos on the 10th and 25th of each month. If payment is not made on time, the second party will be liable for liquidated damages of 20% of the principal per additional month. Both parties signed the contract in Lipa City, Philippines.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 2

    CONTRACT OF LOAN

    KNOW ALL MEN BY THESE PRESENTS:

    This a CONTRACT OF LOAN executed by and between


    _________________________, of legal age and residents of
    __________________hereinafter known as the FIRST PARTY and
    _________________________ of legal age and residents of ____________________
    known as the THE SECOND PARTY

    -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

    TOTAL AMOUNT DUE: PHP 180,000.00

    3. That in case of default of the Second Party to faithfully pay their


    abovementioned obligation to the First Party the amount of Php
    180,000.00 within 3 months after the signing of this document the
    SECOND PARTY shall be liable for LIQUIDATED DAMAGES for
    violating the covenant of this agreed contract of loan in the amount of
    20% of the principal amount per succeeding month.
    .
    IN WITNESS THEREOF, the parties have hereunto set their hands at Lipa City
    Philippines Philippines, on this _____________ day of ____________________, 20__.

    WITNESS:

    _____________________________ _____________________________

    ACKNOWLEDGMENT

    REPUBLIC OF THE PHILIPPINES}


    }S.S.
    CITY OF MANILA }

    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__.

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