Acknowledgement Of Loan Letter

Acknowledgement Of Loan Letter Template for Singapore

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Key Requirements PROMPT example:

"I need an Acknowledgement of Loan Letter for a secured business loan of SGD 250,000 with a 5% interest rate, where the borrower has agreed to use their commercial property as collateral, to be effective from March 1, 2025."

Document background

The Acknowledgement of Loan Letter is a crucial document in Singapore's lending landscape, serving as written confirmation of a debt obligation. It is commonly used when there's a need to formally document an existing loan, refresh the limitation period for debt recovery, or consolidate loan terms. The document must comply with Singapore's Moneylenders Act, Civil Law Act, and related legislation. This acknowledgement can be particularly important for establishing clear evidence of the debt, protecting both lender and borrower interests, and facilitating any future legal proceedings if necessary.

Suggested Sections

1. Date: Current date of acknowledgement

2. Parties' Details: Full names and addresses of lender and borrower

3. Loan Amount: Specific amount borrowed in numbers and words

4. Loan Date: Date when the loan was originally given

5. Acknowledgement Statement: Clear statement acknowledging the debt and promise to repay

6. Repayment Terms: Payment schedule, interest rate, and payment method

7. Signature Block: Space for borrower's signature and witness signatures

Optional Sections

1. Security Details: Description of any collateral or security for the loan - include when the loan is secured

2. Previous Payment History: Record of payments already made - include when acknowledging an existing loan with payment history

3. Default Terms: Consequences of default - include when specific default provisions are needed

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment dates and amounts

2. Original Loan Agreement: Copy of the original loan agreement (if applicable)

3. Security Documents: Copies of security documentation (if applicable)

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking & Financial Services
Private Lending
Real Estate
Small Business

Relevant Teams

Finance
Legal
Credit & Collections
Risk Management
Compliance
Treasury

Relevant Roles

Chief Financial Officer
Finance Manager
Credit Manager
Legal Counsel
Loan Officer
Accounts Receivable Manager

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Let's create your Acknowledgement Of Loan Letter

Authors

Alex Denne

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