The Installment Loan Agreement is a fundamental financial document used in South Africa when structuring credit arrangements where funds are advanced and repaid over time through regular installments. This agreement must strictly comply with the National Credit Act 34 of 2005 and related regulations, including mandatory provisions for interest rate caps, fees limitations, and consumer protection measures. It is typically used when a lender provides financing to a borrower, whether for personal, business, or asset acquisition purposes. The document includes crucial elements such as affordability assessments, cost of credit disclosures, and clear repayment terms. It must incorporate specific statutory requirements for credit agreements under South African law, including cooling-off rights and pre-agreement disclosures.
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1. Parties: Identifies and provides full details of the Lender and Borrower, including registration/ID numbers and addresses
2. Background: Explains the context of the loan agreement and the parties' intention to enter into a credit agreement
3. Definitions and Interpretation: Defines key terms used in the agreement and sets out rules for interpreting the agreement
4. Loan Amount and Purpose: Specifies the principal amount being borrowed and the approved purpose of the loan
5. Interest Rate and Charges: Details the interest rate, calculation method, and any additional charges in compliance with NCA regulations
6. Term and Repayment: Specifies the loan term and detailed repayment schedule including installment amounts and due dates
7. Method of Payment: Specifies acceptable payment methods and bank account details for repayment
8. Early Repayment: Sets out the borrower's rights and procedures for early repayment of the loan
9. Security: Details any security or collateral provided for the loan
10. Representations and Warranties: Lists the borrower's confirmations regarding their financial status and ability to repay
11. Borrower's Obligations: Lists ongoing obligations of the borrower during the loan term
12. Events of Default: Defines circumstances constituting default and consequences thereof
13. Notices: Specifies how formal communications between parties should be made
14. General Provisions: Contains standard legal clauses including governing law, jurisdiction, and entire agreement provisions
1. Insurance Requirements: Required when the loan agreement includes mandatory credit life insurance or other insurance requirements
2. Co-Borrower Provisions: Include when there are multiple borrowers jointly responsible for the loan
3. Guarantor Provisions: Required when a third party provides a guarantee for the loan
4. Direct Debit Authorization: Include when automatic payment deduction is being set up
5. Special Conditions: Used when there are unique terms specific to this particular loan agreement
6. Variable Interest Rate Provisions: Required when the interest rate is not fixed for the entire loan term
1. Schedule 1 - Repayment Schedule: Detailed amortization schedule showing all installments, interest, and principal repayment amounts
2. Schedule 2 - Fees and Charges: Comprehensive breakdown of all applicable fees and charges
3. Schedule 3 - Security Details: Detailed description of any security or collateral provided
4. Appendix A - Pre-Agreement Statement and Quotation: Mandatory NCA pre-agreement disclosure of costs of credit
5. Appendix B - Direct Debit Authorization Form: Standard form for setting up automatic payments
6. Appendix C - Proof of Income and Affordability Assessment: Documentation of borrower's income and affordability assessment as required by NCA
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