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Loan Agreement

Made under the Law of Contract Act (Cap. 23), Laws of Kenya

This Loan Agreement is entered into on the ___ day of Month, Year, between the LENDER and the BORROWER named below.

1. Parties
Full Name
ID Number
Estate, Town, County
+254 7XX XXX XXX
Full Name
ID Number
Estate, Town, County
+254 7XX XXX XXX
2. Loan Details
Principal Amount
KSh XX,XXX
Interest Rate
X% per month
Total Repayable
KSh XX,XXX
Loan Duration
X months
e.g. M-Pesa / Cash / Bank Transfer
DD/MM/YYYY
e.g. Business capital / School fees / Personal use
e.g. Logbook No. / Title Deed No. / None
3. Repayment Schedule
Instalment No.Due DateAmount (KSh)Method
1DD/MM/YYYYX,XXXM-Pesa / Cash
2DD/MM/YYYYX,XXXM-Pesa / Cash
3DD/MM/YYYYX,XXXM-Pesa / Cash
4DD/MM/YYYYX,XXXM-Pesa / Cash

Repayments shall be sent to: M-Pesa Paybill / Till / No. in the name of Lender Name / Business.

4. Terms & Conditions
  1. Late Payment: If any instalment is not paid by its due date, a late penalty of ___% of the overdue amount per week shall accrue until paid.
  2. Prepayment: The Borrower may repay the loan in full before the final due date without penalty, unless otherwise agreed in writing.
  3. Default: If the Borrower fails to make two or more consecutive instalments, the entire outstanding balance becomes immediately due and payable without further notice.
  4. Collateral (if applicable): In the event of default, the Lender shall be entitled to enforce any security listed above in accordance with applicable Kenyan law.
  5. Confidentiality: Both parties agree to keep the terms of this agreement confidential, except as required by law or for enforcement purposes.
  6. Dispute Resolution: Any dispute arising from this agreement shall first be resolved through negotiation. Failing that, either party may approach a court of competent jurisdiction in Kenya.
  7. Governing Law: This agreement is governed by the Laws of Kenya, including the Law of Contract Act Cap. 23.
⚖️ This template covers personal and business loans between private parties. For institutional lending, interest rates are regulated. For high-value loans, consult a Kenyan advocate. — Kaziiko.co.ke
5. Signatures

We confirm we have read and agree to the terms of this Loan Agreement.

LENDER (Signature)
Name: Full Name
ID No.: ID Number
Date: DD/MM/YYYY
Witness Name: Witness Full Name
Witness ID: ID Number
Witness Signature
BORROWER (Signature)
Name: Full Name
ID No.: ID Number
Date: DD/MM/YYYY
Witness Name: Witness Full Name
Witness ID: ID Number
Witness Signature
Free template from Kaziiko.co.ke — Kenya's digital services marketplace. Referenced against the Law of Contract Act Cap. 23. Template for general use only.