You are a well-known proprietor of an enterprise. You had been approached by one of your closest friend who is undergoing a very difficult situation and has ability to pay his debts but not at that very moment. Therefore, he requested for a financial assistance as soft loan payable with interest.
QUESTION
Prepare a legally binding soft loan agreement form
SOFT LOAN AGREEMENT FORM
DATE………………………………………………………………………………………………….
LOAN AMOUNT………………………………………………………………………………….
Parties, the undersigned is…………………………………………………..………………………………the borrower, and the
The lender is………………………………………………………………………………………………………..……………………..
Promise to pay, within…………………………………………………….…………….weeks/months from today, borrower
Promises to pay to lender……………………..………………………….…………with interest inclusive as per terms and
Conditions.
The payment starts on………………………………………..per week of UgShs……………………………………………………….
And ends on…………………………………………………After Eight weeks total of Ugshs………………………………………….
BORROWER, Full Names…………………………………………………………………………………………………………
Home Address……………………………………………………………………………………………………………………..
Resident address…………………………………………………………………………………………………………………..
Next of kin……………………………………………………………………………………………………………………………
Contact Mobile No……………………………………………………Home Tel………………………………………………… ………………………………………………………………….Email…………………………………………………………..
Signature…………………………………………………………..Date……………………………………………………………..
Collateral details……………………………………………………………………………………………………………………..
LENDER, Full Names……………………………………………………………………………………………………………………..
Contact details……………………………………………………………………………………………………………………………
Signature…………………………………………………………..Date……………………………………………………………….
WITNESS, Full Names…………………………………………………………………………………………………………………
Contact details…………………………………………………………………………………………………………………………..
Signature…………………………………………………………..Date………………………………………………………………..
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