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Personal Loan Repayment Agreement

Personal Loan Repayment Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Personal Loan Repayment Agreement

"I need a Personal Loan Repayment Agreement for a 50,000 SAR loan to be repaid over 24 months, starting March 2025, with monthly installments and standard default provisions under Saudi law."

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Document background
The Personal Loan Repayment Agreement is a crucial document used in Saudi Arabian banking and financial services when formalizing the terms of personal loan repayment between a financial institution and an individual borrower. This agreement is specifically designed to comply with Saudi Arabian law and Sharia principles, making it essential for any personal lending transaction in the Kingdom. The document typically comes into play either at the time of loan disbursement or when restructuring existing loan obligations. It contains detailed repayment schedules, methods of payment, borrower's obligations, and default provisions, all structured to ensure compliance with Islamic banking principles and SAMA regulations. The agreement is particularly important for financial institutions operating in Saudi Arabia as it provides a legally enforceable framework while maintaining religious and regulatory compliance.
Suggested Sections

1. Parties: Identification of the lender and borrower with full legal names and contact details

2. Background: Brief context of the loan agreement, including reference to the original loan amount and date of disbursement

3. Definitions: Key terms used throughout the agreement, including 'Payment Date', 'Outstanding Amount', and 'Event of Default'

4. Loan Amount and Repayment Terms: Details of the total amount to be repaid and the agreed repayment schedule

5. Method of Payment: Specified payment methods and account details for making repayments

6. Borrower's Representations and Warranties: Borrower's confirmations regarding their financial situation and ability to repay

7. Events of Default: Circumstances constituting default and consequences thereof

8. Sharia Compliance Declaration: Statement confirming the agreement's compliance with Islamic law principles

9. Termination: Conditions under which the agreement may be terminated and the consequences

10. Governing Law and Jurisdiction: Confirmation of Saudi Arabian law as governing law and jurisdiction for disputes

Optional Sections

1. Security: Details of any collateral or security provided for the loan, used when the loan is secured

2. Guarantor Provisions: Terms relating to any guarantor of the loan, included when a guarantor is involved

3. Insurance Requirements: Specifications for any required insurance coverage, included when insurance is mandatory

4. Early Repayment Terms: Conditions and procedures for early loan repayment, included when early repayment is permitted

5. Assignment and Transfer: Terms regarding the transfer of rights under the agreement, included for institutional lenders

6. Force Majeure: Provisions for unforeseen circumstances affecting repayment ability, included in longer-term loans

Suggested Schedules

1. Schedule 1 - Repayment Schedule: Detailed breakdown of payment dates and amounts

2. Schedule 2 - Payment Instructions: Specific bank account details and payment procedures

3. Schedule 3 - Borrower's Declaration: Formal declaration of the borrower regarding their financial status and understanding of obligations

4. Appendix A - Required Documents: List of documents provided by the borrower (ID, proof of income, etc.)

5. Appendix B - Sharia Compliance Certificate: Certificate from relevant authority confirming Sharia compliance of the agreement terms

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 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 & Financial Services

Islamic Finance

Consumer Finance

Retail Banking

Financial Technology

Professional Services

Legal Services

Relevant Teams

Legal

Retail Banking

Credit Risk

Compliance

Islamic Banking

Operations

Customer Service

Collections

Documentation

Risk Management

Relevant Roles

Retail Banking Manager

Credit Officer

Legal Counsel

Sharia Compliance Officer

Risk Management Officer

Consumer Banking Executive

Loan Officer

Collections Manager

Banking Operations Manager

Customer Service Manager

Financial Services Representative

Compliance Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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