INDIAN HISTORY

Detailed explanation-1: -A loan agreement, sometimes used interchangeably with terms like note payable, term loan, IOU, or promissory note, is a binding contract between a borrower and a lender that formalizes the loan process and details the terms and schedule associated with repayment.

Detailed explanation-2: -There are two types of loan agreements: unsecured and secured loan agreements.

Detailed explanation-3: -A lending agreement (loan agreement) is a formal contract between a lender and a borrower. Lending agreements spell out all the details of the loan, such as the principal amount, interest rate, amortization period, term, fees, payment terms and any covenants.

Detailed explanation-4: -A Loan Agreement is a legal contract between a borrower and a lender regulating the mutual promises made by each party. It is a formal document that evidences a loan. The parties to a loan agreement can be a lending institution, friends, family member and so on.