Money is a very serious issue for businesses and most of the time, almost all the problems have the root cause of money at some point. Therefore just to make sure that there are no confusions or misunderstandings from any side, when banks receive installments or payments against a loan they issued to a company or individual, they sign a document that states they have received the payment on time along with the name of the client and the date on which the payment was made. This document is known as the Loan Payment Receipt and usually it’s given to the client who made the payment. Banks and credit companies also make copies of the receipt and keep it for their own record but it’s usually not necessary most of the time and only one copy that is issued to the client is enough.
Here are freely available Loan Receipt Format and Templates read to download.
Here is download link for this Loan Payment Receipt Template,
Download Loan Payment Receipt.
Here is another simple yet effective Loan Payment Receipt created using MS Excel.
Here is download link for this Loan Payment Excel Receipt.
Download Loan Payment Receipt.
Note: If you would like to explore more options then we strongly recommend you to view these 7 Free Receipt Templates.
Key Guidelines to draft Loan Payment Receipt Format:
- Before preparing the receipt, understand the need for it. You are making it so you have the proof that you have made the payment for your loan and the lender or debtor has received it on time. With this in mind, you should include the basic and necessary elements in the receipt.
- For organizations and companies that receive and make payments on daily basis, there are many software programs available and these programs can be used for computer generated receipts. For individuals, a simple note can also be enough i.e. if you borrowed some money from your friend or cousin but for a professional company, it’s not enough. Choose the format of the receipt very carefully and make sure all the required elements are included in it.
- The most important part of the receipt is the name of the receiver and sender of the money. While writing the receipt, start with putting the name of the person who is making the payment and his contact information along with the name of the person who is receiving the money and his contact info as well.
- Second most important part of the Loan Payment Receipt is the date on which the borrower is making the payment. The date is very important because most of the time, disputes arise because the debtor claims that the creditor didn’t make the payment on time or he was late on an installment so include the date very carefully.
- Among all the elements, money is also a very crucial element to include in the receipt. This includes the details of the debt taken from the debtor i.e. the amount of loan that the borrower took and the amount of installment or payment that he is currently making. This amount should be written on the receipt in both numbers and words so there is no mistake or error.
- At the end, the receipt should be signed by the receiver of the money and this should be kept by the borrower as a proof that he has made the payment on time. If necessary, you can also create two copies of the same receipt and by putting signs of both parties, you can give one to each of them.
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