A loan contract refers to a contract in which the parties agree that one party will transfer the ownership of a certain kind and quantity of currency to the other party, and the other party will return the similar kind and quantity of currency within a certain period of time, that is, a contract in which the borrower borrows money from the lender, repays the loan at maturity and pays interest.
Lenders must be professional financial institutions approved by the state, including the People's Bank of China and professional banks. Specialized banks refer to China Industrial and Commercial Bank, China People's Construction Bank, China Agricultural Bank, China Bank and credit cooperatives. National credit business can only be handled by national financial institutions, and no other unit or individual has the right to have a loan relationship with borrowers.
Borrowers generally refer to enterprises owned by the whole people and owned by collectives that carry out independent accounting and are responsible for their own profits and losses. State organs, social organizations, schools, scientific research institutions and other units that implement budgetary allocations have no right to apply for loans from financial institutions. Under special circumstances, urban and rural individual industrial and commercial households and farmers who implement the production responsibility system can also become the main body of loan contracts and sign loan contracts with banks and credit cooperatives.
The loan contract must meet the requirements of the national credit plan. Credit plan is the premise and condition for signing a loan contract. The borrower must apply for a loan from the lender according to the credit plan approved by the state; The lender must sign a loan contract with the borrower under the condition of complying with the credit policy of the national credit plan. Over-planned loans must be strictly controlled.
The subject matter of the loan contract is RMB and foreign currency. RMB is the legal tender in China and the main target of loan contract. Foreign currency is mainly used for Sino-foreign joint ventures and other units that need foreign exchange loans. In the foreign currency loan contract, it should be clearly agreed in what currency to borrow and return (including interest).
The loan contract must provide a guarantee or guarantee. When a borrower applies for a loan from a bank, it must have sufficient materials as a guarantee or provided by a third party. Otherwise, the bank has the right to refuse to provide loans. This kind of guarantee or guarantee is a guarantee measure that enables the loan to be repaid on schedule.
The loan interest rate of the loan contract shall be uniformly stipulated by the state and managed by the People's Bank of China. When the borrower repays the loan, it usually repays the loan interest, and the interest rate must be calculated and paid in accordance with the unified provisions of the state. Both parties have no right to agree, and neither party has the right to change or modify the interest rate stipulated by the state.