Under the loan agreement, one party (the lender) transfers to the other party (the borrower) money or other things determined by generic characteristics, and the borrower undertakes to return the same amount of money (loan amount) or the same number of things of the same kind to the lender and of the same quality.
The loan agreement is concluded from the moment of transfer of money or other things determined by generic features.
What you need to know about the loan agreement
The legislation does not oblige to notarize the loan agreement.
But the notarial form of the loan agreement can to a greater extent ensure the protection of the interests of the lender, because during the certification of the agreement, the notary establishes the identity of the lender and the identity of the borrower, which will later make it possible to eliminate disputes regarding the authenticity of the signatures on the agreement.
Also, the notarial form allows you to use a special method of foreclosure - by making a notary's executive inscription on the loan agreement, which significantly speeds up the foreclosure process, in which case you get rid of the need to go through the judicial foreclosure procedure.
When a loan agreement is notarized, 1% is charged from the amount of the loan specified in the agreement.