Bank Loan Contract
DOC ID: #GTB-2024-X9
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This Loan Contract ("Contract") is made and entered into on January 1, 2024, between Global Trust Bank Corp, with a principal place of business at 100 Financial Way, Metropolis, hereinafter referred to as the "Lender," and [Borrower's Name], residing at [Borrower's Address], hereinafter referred to as the "Borrower."
1. Loan Amount:
The Lender agrees to provide a loan amount of $10,000.00 to the Borrower, to be disbursed in a single installment upon signing of this agreement.
2. Interest Rate:
The loan will be subject to an annual interest rate of 5.0%, calculated on the outstanding principal balance. The interest will be compounded monthly throughout the term of the loan.
3. Repayment Terms:
a. Repayment Schedule: The Borrower agrees to repay the loan in 12 equal installments, with the first payment due on the first day of the following month.
b. Late Payment: In the event of a late payment, the Borrower shall be liable to pay a late fee of $50.00, which will be added to the outstanding loan balance upon each occurrence.
4. Prepayment:
The Borrower may prepay the outstanding loan amount at any time, in part or in full, without incurring any penalty or additional charges from the Lender.
5. Default:
a. Default Event: The Borrower shall be considered in default if they fail to make a payment within 30 days of the due date.
b. Consequences of Default: Upon default, the Lender shall have the right to declare the entire outstanding loan amount immediately due and payable, and may take legal action to recover the outstanding balance.
6. Governing Law:
This Contract shall be governed by and construed in accordance with the laws of Federal Financial Jurisdiction.
On behalf of Global Trust Bank:
AUTHORIZED SIGNATORY
On behalf of Borrower:
BORROWER SIGNATURE / DATE
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