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A bank draft is like a banker’s cheque except that it is payable in another city.The banker has issued it after first taking the amount and her commission out from your account.In other words,it is prepaid by you.
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What Is A Loan Draft – Homestead Realty – A Loan Agreement is a legal contract regulating the terms and conditions of a loan, and can be used by both individuals and corporations to lend or borrow money. shareholders can also draft a Loan Agreement to borrow money from a corporation.
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The loan agreement may include a promissory note or a mortgage. A promissory note is basically a promise to pay; a mortgage is a specific kind of promissory note, on a property (land and building). The promissory note may be secured by some business asset or it may be unsecured. If the loan is secured, the security is described in detail.
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A loan agreement is a written agreement between a lender and borrower. The borrower promises to pay back the loan in line with a repayment schedule (regular payments or a lump sum). As a lender, this document is very useful as it legally enforces the borrower to repay the loan. A Demand Draft is similar to a bank check but with a small difference.
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