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    The Theresa

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    The Theresa

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    The Theresa

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    of 1

    THE THERESA’S FOUNDTION

    P.O Box1234 -00600


    LOAN APPLICATION FORM – LONG TERM LOAN
    This loan agreement is entered into (effective date)__________________________________ by and
    Between Mrs./miss. /Mr._______________________________________________ Member
    No______________________ . and___________________________________________ GROUP
    Collectively “the parties”. Whereas the borrower desires to borrow a fixed amount of money;
    And whereas the lender agrees to lend a fixed amount of money. Inconsideration of the mutual promises,
    covenant’s and conditions contained herein, the parties freely and without any threat agree as follows
    __________________________________
    Defaulted installments: Any defaulted installment amount shall attract a penalty of ten percent (10%) of
    the mon6thly installments. The penalty and any other charges shall be deducted from borrower’s saving
    in the group if need be.
    1. Loan Amount: The parties agree the group will loan the borrower a total of
    2. Kshs. _____________________________ (in words)
    _______________________________________
    3. Interest Rate: the parties agree the interest rate for this loan shall be 12% per year
    4. Loan term: This loan shall be paid for a period of __________________________
    Months.
    5. Repayment: The parties agree the borrowed shall pay the lender
    ksh__________________________inclusive of interest pe4r month for___________________
    months until the loan is paid in full
    6. Proposed security: The proposed security is
    7. Seizure of security: If the said Kshs__________________________________ is not paid by
    ____________________________________ any movable property shall be seized and disposed
    off to pay the outstanding loan amount together with interest.

    Borrower’s signature___________________________

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