Credit organizations (e.g. bank) provide
funds to the borrower, who is obliged to return these funds taking into account
accumulated interest. A loan agreement differs from its loan agreement
onerous basis. The basic principles of such a cash allocation
is repayment, payment and urgency. The parties are the credit institution and the borrower. The agreement provides for bilateral obligations in which the obligations of the lender are to provide cash, and the borrower to accept and repay the loan with interest.
The loan agreement is described in Article 820 of the Civil Code of Russia. The document must be concluded only in written format. A gross violation of these conditions entails the invalidity of the document. As a rule, banks use such forms of contracts that are not subject to change, agreement and discussion. An individual can only join an existing contract form. Moreover, the form of the document is the main condition for the agreement of the parties, without which the conclusion of the contract is impossible .
A loan agreement is concluded together with an agreement on opening a loan account, a surety agreement and an urgent obligation. In this case, the borrower is obliged to pay the tariff for servicing the Barn account. In the event that the contract includes conditions on the pledge of real estate, it must be notarized and registered in accordance with the Law on Registration of Rights to Real Estate.
The loan agreement, according to the Law on Banking, provides for the imperative payment of interest for the provision of funds. The amount of interest deductions is regulated only by the contract and is one of its essential conditions. An important point is that interest is accrued from the moment the money arrives at the borrower's account, and not from the moment the contract is signed.
The content of the loan agreement includes provisions on securing loan repayment in case of untimely repayment. The Bank is entitled to request
from the borrower payment of increased interest and penalty. The term of the loan retains the right of the borrower to refuse credit. To do this, he needs to send a notification to the credit organization. In this case, the borrower is not obliged to provide the bank with the grounds for its refusal to receive funds.
Termination of the loan agreement is possible both from the side of the borrower and from the credit institution. In accordance with article 813 of the Civil Code of the Russian Federation, a bank is entitled to require the borrower to repay the loan ahead of schedule in case of deterioration of conditions or loss of security of the loan agreement. When providing a target loan, when it is used for unidentified purposes, the contract may also be terminated by the credit institution.
The reason for the application of penalties may be a violation of the terms for the return of the main or some part of the loan. In this case, the bank is entitled to demand repayment of the entire remaining loan amount plus all interest due.
The legislation of the Russian Federation clearly defines the form of the loan agreement, which must be drawn up in writing. Its structure, however, is not clearly spelled out. The loan agreement must include the mandatory conditions for the loan, the subject of the agreement, the rights and obligations of the parties, their legal addresses, signatures and details. However, in some cases, when the financial interests of a credit institution are aimed at taking into account the interests of a large client, the terms of loan agreements can be significantly revised.