Loan Confirmation Letter
Loan is the best option if you are planning to buy something or wants to run a business of your own. You can borrow it from the bank or the financial institute and repay it with some interest till the agreed period. You can choose a loan that best suits your need. For example, if you are looking forward to buying a home, you can go for a home loan. If you need a car, car loan is the option for you. If you need some money to carry out something such as repair work at your home or to arrange a function, you can do by applying for a personal loan. Loan can cater to various needs and demands.
However, to secure a loan, you have to fulfill certain formalities at the time of applying. This includes your credit rating, monthly income, and most importantly you shouldn't have any previous loan on you. The bank also considers how regularly you have paid back your previous loan, if there is any. If you are through in their verification, the bank approves your loan through a loan confirmation letter.
Loan confirmation letter is written to inform the applicant that their loan application has been approved. It includes the details about the loan such as the type of loan, amount approved, interest rate, the installment payment date and the period of the loan. It is a written document that helps the customer know that they will receive the loan amount either by cheque or cash after submitting few needed documents. Here is a sample of a loan confirmation letter if you are in need to write one.
1824 Greenway Road
San Diego, CA 54782
10 February, 2011
310 Hill Street, Apt. 102
San Diego, CA 54729
Dear Mr. Evans,
I would like to congratulate you on the approval of your personal loan application. I am hereby delighted to confirm that the loan amount of $15,000/- would be credited in your saving account number XXXX 1424 8745 shortly after completing few formalities.
The personal loan is granted to you for a period of five years. Your first payment installment of the loan amount would fall on every 7th of each month. An interest rate of 11% is levied on the amount for the entire period of the loan.
I would like to invite you to our bank located at the above mentioned address anytime in between 10 to 3. You are requested to carry the following documents at the time of your visit:
- Original pay slip and the last one year's bank statement
- ID and address proof
- Two valid references
- Four passport size photographs
The loan amount will be deposited in your saving account within five working days after completing verification of the documents.
You can clear your doubts, if any, by calling our personal loan department at (851) XXX 7819.
This loan confirmation letter is written to the customer who has applied for a personal loan. It clearly states the term period of the loan along with the interest rate and expected date of payment. It also informs the customer the things needed to complete the loan formality. This confirmation letter informs the customer that they are one-step closer for their loan amount.