Loan is an agreement that binds a contract between two parties or may be more to give a go ahead to loan process. There are many types of loan agreements like housing loan, personal loan, education loan, automobile loan, short-term or a long-term loan.
The main purpose of a loan agreement between two parties is the term for which loan is taken and regulations under which agreement is prepared by loan giving party. The signed terms and conditions of the loan agreement is a proof between the borrower and the lender that they abide by the rules of the signed loan.
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