LOAN TERMS AND CONDITIONS
This is made effective between: [crccreditbureau company ] (the "lender"), a corporation organized and existing under the laws of the [ITALY LENDERS COMMISSION], and: [XXX]. (The "Borrower"), an individual existing under the laws of the XXX, with address at: XXX.
APPLICANT'S DETAILS:
* Name of Applicant: XXX
* Address: Of Applicant: XXX
* Tel: XXX
* Fax: XXX
* Amount: €750,000.00
* Loan Duration: 5 years (60months)
LOAN TERMS AND REPAYMENT SCHEDULE:
The loan repayment is based on monthly bases which consist of the loan capital and interest rate together. Like it's written, the loan duration period is for 60 Months. So find the interest rate and repayment schedule below:
* Loan Amount: -------------------------------------------- €750,000.00
* Interest Rate: ------------------------------------------- 3%MONTHLY
* Loan Term: ---------------------------------------------- 5 years
* Monthly Loan Payment: ------------------------------------ €13,476.52
* Loan Duration in Months: ------------------------------- 60 Months
* Cumulative Payments: --------------------------------- €808,591.07
* Total Interest Paid: --------------------------- €58,591.07
Furthermore be informed that in line with the rules governing this organization, you will be required to make payment on monthly basis. The loan repayment is expected to be made 60 times making a total pay of €13,476.52 monthly. This is the total loan amount and interest divided by the loan duration.
LOAN AGREEMENT/CONDITIONS:
{1} the applicant will start the repayment of loan at the end of every month starting from 6 months after loan has been transferred.
{2} Failure to pay back the loan at this expected date/period, legal actions will be taken against the applicant by our attorney immediately.
{3} Applicant who is unable to meet with the repayment will be given 30 days more as a grace period before legal actions will be taken.
{4} in granting, renewing, or extending any Loan, Lender is relying upon Borrower's Representations, warranties, and agreements, as set forth in this Agreement,
{5} all such Loans shall be and remain subject to the terms and conditions of this Agreement and an initial loan amount can be increased at any time if requested by the borrower but with same Interest rate.
{6} the borrower can insist to terminate the loan contract but must first inform the lender 30 days before the actual termination date
{7} the lender has no legal right to terminate any loan deal except being accepted by the borrower
{8} Loan funds must be protected by collateral before transfer. Borrower must choose the Insurance bond security option. The loan security is the process that guarantees loan processing and transfer. The borrower is responsible for the payment of the insurance premium, which is 1% of the total amount needed (€750,000.00 = €7500). The protection of the loan is mandatory, A certificate of Insurance will be Issue to the borrower.
Note: The premium cannot be deducted from the loan amount (The loan insurance hard policy does not permit it. Premium cannot be paid after funds transfer.
Thank you for your time and understanding. I will be waiting to hear from you with the requested information.
Regards,
succurro