A loan slip is a very vital business document that is used in loan processes. This document acknowledges that the person has to pay back an amount to an individual, or company. A loan slip notifies the borrower that he has to pay a specific amount to the lender before the due date. This document is intended to show the details of a loan installment. A loan slip declares the payment showing the total amount paid in words and figures with other vital details.
This slip is usually a signed document that outlines a legal agreement between two parties whereby one party is required to pay the debt in small amounts and one party receives the money. It also helps both parties to keep track of all the payments to avoid future conflicts.
A loan slip helps to record each payment of the loan that the borrower makes. Thus the lender must issue a loan slip to the borrower to get back the amount of the loan. This slip is very beneficial for both parties. So the lender should create it with full focus and attention.
Here we have listed some tips for using a loan slip:
- Consider all the information and add the essential information to the slip. Make sure to write everything accurately. Write the information through a computer program or by hand on your loan slip.
- Check out the terms of the loan agreement. Make sure that both parties complied with all the terms.
- You should leave some space for the signature of the authorized person.
- Create a backup copy of the loan slip.
In this modern age, it is not a daunting task to prepare a loan slip. For this, you just have to select the right template from a huge collection that is available on the internet. I will suggest you use the free templates. But you have to choose wisely according to the requirements. A template that provides you the fully customizable features will be best for you. However, finding a professional template is a time-consuming task.
To save you time we have posted 10 free and customizable loan slip templates below. These templates contain all the essential items to make a perfect loan payment slip. With the help of them, you can prepare your slip in no time. You just have to put the details accurately in the empty spaces and your slip will be ready to use.
Free Loan Payment Slip Templates:
Here you can download these 10+ Free Loan Payment Slip Templates in MS Word format.
Importance of a Loan Slip:
A loan slip is also important just like other slips that we use in our daily life. The purpose of a slip is to provide proof that an individual has availed the services of an individual, institute, or company and the person has to pay an amount for these services. This slip indicates and notifies you to pay the money before the due date. The loan slip is also the same. It is used in many insurance and lending companies. When the loan of a person is approved and he gets the loan then after some time he starts getting these loan slips at his provided address. These slips remind him to pay back the amount of the loan in small installments before the due date.
A payment slip enables you to plan small installments for the borrower so that the borrower can easily pay back the amount and you can maintain a record of all the installments paid by the borrower. This is very helpful to get all the installments on time with less stress. You can add the note for the borrower that if he will pay the installment late then he will have to pay some extra charges as a fine to the lender. It helps the borrower to get out of the debt quickly and allows him to maintain a record of all the paid installments. A loan slip enables the lender to calculate the number of installments in which the borrower will pay back the whole amount.
How to Create a Loan Payment Slip?
A loan payment slip enables the borrower to pay all the installments on time without forgetting any installments, with less stress, and saves the borrower from getting fined for late submission of the installment. It allows the lender to organize all the installments in a well-managed way. Hence it makes the work easier for both parties and reduces the risk of future disputes.
Follow these guidelines to craft a professional loan payment slip in a short time:
Choose the Right Template:
There are many templates online that you can use to set up your slip. Choose a template that is completely editable and customizable. By using this kind of template you will be able to print it. Here, I will suggest you choose a free template instead of a paid one.
Customize the Template:
The second step is to customize the template. You should change the color scheme according to the color scheme of your company. Add or remove the sections as per your need. Work on it to make it look more elegant and professional. Don’t add too many things. Keep it simple and clear so that everyone can understand it easily.
Add the Data:
Now the third step is to add the details of the borrower briefly. Don’t add too many things. After adding the name of the borrower, add the details of the installment and the due date. Don’t forget to add the late submission charges.
Authorized Signature:
Leave some space for the authorized signature. At this space, the lender or someone will sign on the behalf of him to prove the originality of the slip.
Print Out:
Now your loan slip is ready to use. You can print it out and send it to the lender. You can use it in soft form or printed form. It all depends upon you.
