If you have high repaying capacity, then it is advisable that you opt for less number of years for repaying the loan as it will reduce the overall burden of the interest. Though you are ready for repaying the loan as quickly as possible, but if you miss to mention this in the loan agreement, it would be tough to alter once the application is processed by the organization that is lending you the money.
Loan agreements, like any contract, reflect an "offer," the "acceptance of the offer," "consideration," and can only involve situations that are "legal" (a term loan agreement involving heroin drug sales is not "legal"). Loan agreements are documented via their commitment letters, agreements that reflect the understandings reached between the involved parties, a promissory note, and a collateral agreement (such as a mortgage or a personal guarantee). Loan agreements offered by regulated banks are different from those that are offered by finance companies in that banks receive a "banking charter" granted as a privilege and involving the "public trust."
Whatever is agreed regarding applicable penalties for late or inability to comply should not only be discussed but also defined. Payment deadlines also should be set and included in the loan agreement as well. In order to effectively carry out the terms in the agreement, it is but proper to include the contact information of both the lender and debtor should the need arise to call them out.
A loan agreement is the document which represents the formal evidence of a loan. The document also includes important details such as covenants, positive or negative ones, the information on the collateral such as loan type and its value, as well as guarantees, the applicable interest rates, fees, the conditions according to which the loan is to be repaid, and the period of repayment envisaged.
short form loan agreement
loan agreement between friends
loan agreement letter