Document background
An Authorization Letter To Pay Loan is a crucial document in Singapore's banking system that establishes a formal arrangement for loan repayment. This document is commonly used when an individual wants to authorize regular loan payments through their bank account or when setting up automatic payments for mortgages, personal loans, or business financing. The letter must comply with Singapore's Banking Act and related financial regulations, providing clear authorization for payment processing while protecting both the authorizer's and institution's interests. It includes specific details about the loan account, payment schedule, and authorization terms.
