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Short Form Loan Agreement for Nigeria

Short Form Loan Agreement Template for Nigeria

A concise loan agreement template designed for use under Nigerian law, suitable for straightforward lending arrangements between parties. This document incorporates essential provisions required by Nigerian banking and financial regulations while maintaining a simplified structure. It includes core elements such as loan amount, interest calculations, repayment terms, and basic security provisions, all drafted in compliance with Nigerian Contract Law and the Banks and Other Financial Institutions Act (BOFIA). The agreement is particularly suited for smaller loan amounts or uncomplicated lending scenarios where a more comprehensive facility agreement would be excessive.

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What is a Short Form Loan Agreement?

The Short Form Loan Agreement is designed for use in Nigeria when parties require a streamlined but legally robust lending document. This template is particularly valuable for transactions where the loan amount or complexity doesn't warrant a full facility agreement, while still ensuring compliance with Nigerian banking regulations and financial laws. It's commonly used by banks, microfinance institutions, and private lenders for personal loans, small business financing, or straightforward commercial lending. The document includes essential provisions required by Nigerian law including interest rate specifications (in line with Central Bank of Nigeria guidelines), repayment terms, events of default, and enforcement mechanisms. It's structured to be both comprehensive enough to protect the lender's interests and accessible enough for borrowers to understand their obligations.

What sections should be included in a Short Form Loan Agreement?

1. Parties: Identification of the lender and borrower with full legal names and addresses

2. Background: Brief context of the loan arrangement and purpose

3. Definitions: Key terms used throughout the agreement

4. Loan Amount and Purpose: Specification of the loan amount and permitted use of funds

5. Interest Rate: Interest rate, calculation method and payment frequency

6. Repayment Terms: Payment schedule, method of payment, and prepayment provisions

7. Conditions Precedent: Conditions that must be satisfied before the loan is advanced

8. Representations and Warranties: Basic statements of fact and assurances from the borrower

9. Events of Default: Circumstances constituting default and consequences

10. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

11. Execution: Signature blocks and execution details

What sections are optional to include in a Short Form Loan Agreement?

1. Security: Required if the loan is secured - details of collateral or security arrangements

2. Guarantor Provisions: Required if there is a guarantor for the loan

3. Insurance Requirements: Required if specific insurance must be maintained for secured assets

4. Assignment and Transfer: Include if either party needs the right to assign the agreement

5. Change of Circumstances: Include for longer-term loans to address material changes affecting the borrower

6. Financial Covenants: Include if specific financial ratios or conditions must be maintained

What schedules should be included in a Short Form Loan Agreement?

1. Repayment Schedule: Detailed breakdown of payment dates and amounts

2. Conditions Precedent Documents: List of required documents to be provided before loan disbursement

3. Security Details: If applicable, detailed description of security or collateral

4. Form of Drawdown Notice: Standard form for requesting loan disbursement

5. Fees and Charges: Detailed breakdown of all applicable fees and charges

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Ƶ

Document Type

Loan Agreement

Sector

Banking

Cost

Free to use
Relevant legal definitions










Clauses
























Relevant Industries

Banking

Financial Services

Microfinance

Real Estate

Small and Medium Enterprises

Agriculture

Retail

Manufacturing

Technology

Professional Services

Relevant Teams

Legal

Finance

Compliance

Risk Management

Commercial

Credit

Corporate Banking

Treasury

Business Development

Company Secretariat

Relevant Roles

Legal Counsel

Finance Manager

Credit Officer

Loan Officer

Compliance Officer

Risk Manager

Commercial Director

Business Development Manager

Corporate Banking Officer

Financial Controller

Treasury Manager

Relationship Manager

Credit Risk Analyst

Legal Manager

Company Secretary

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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