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LOAN ACCOUNT NO.:
MONEYLENDERS ACT (CHAPTER 188)
(Section 19)
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LICENSEE TO INFORM BORROWER OF TERMS OF LOAN
INTEREST
- Nominal interest rate per month is .
- Interest will be calculated on a basis.
- The interest on the principal will be credited on the due date, which will be the Borrower's salary date, or on a date to be mutually agreed upon between the Licensee and the Borrower.
- Nominal interest rate to be charged for late payment of principal or interest is . Late interest will be computed on a daily basis on the outstanding amount.
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Permitted fees
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A fee will be charged in each of the following instances:-
- In the event of legal proceedings being commenced against the Borrower and/or Surety, the Borrower and/or Surety shall pay the legal costs incurred for the recovery of the loan, as may be ordered by a court to be paid to the licensee.
TERM LOAN
- Payment Frequency -
- Number of Installments -
- Amount of Installment - $0
- Total Amount Due: $0 (Principal: $) (Interest: $)
- Total Disbursed Amount (after deducting Administrative Fee): $
DECLARATION BY BORROWER & SURETY
1. The Terms of Loan have been read and explained to me by the Licensee in English/Chinese/Malay/Tamil and I have understood it.
Acknowledged by:
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Borrower: /
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