A loan statement template is an accounting tool that has the capability to calculate the components of a loan schedule. This schedule further includes loan installment amount, interest amount, insurance amount and any other amount as agreed. Generally, this statement is prepared by the lender or financial institution and handed over to the borrower while disbursement of the loan amount. The loan statement is a key element that provides awareness about different crucial components of a credit transaction. Moreover, it gives a brief summary of the frequency of installments of the loan repayment. In other words, a loan statement template depicts a complete description of the different factors of a loan transaction. For instance, interest rate, loan balance, and repayment transactions proceed during the statement period. Furthermore, most financial institutions generate a loan statement at the request of the borrower to understand the cost of the loan along with the markup amount.
Importance of Loan Statement:
A loan statement template plays an important role in conveying all details of the credit facility in a professional way. Basically, it helps in understanding conveniently about all crucial aspects of a loan which occurred during the specific timeframe. Moreover, the loan statement template is prepared for the specific time period which is mentioned in the statement. Usually, the borrower can easily get details about interest charged, redraws and any other fees. Effectively, its format consists of loan number, account number, interest rate and a summary of all repayments along with a timetable. Furthermore, people get a template for becoming aware of the pattern of a loan statement.
Details of Loan Statement:
If you wish to prepare a quality loan statement, then it is essential to use a brilliant and professional template. However, finding an ideal loan statement template is a difficult task and for that purpose, you can find the following free templates. These are full of quality content and are equipped with state-of-the-art formats. Moreover, these efficient loan statement templates are elegantly designed and modified by professionals with their treasured skills, abilities and experience. This way, you can utilize these formats multiple times for commercial as well as personal purposes. Moving further, these are easily editable templates, and you don’t need to hire the services of a professional. You can make minor amendments according to the use on your own.
