How to write loan letter
"And loan account number are the two official ways of finding out about your. "
Consider these following steps :
1. First and the most important thin that you should consider is to write these information on Banks letterhead and should have Bank name, Branch Name, Branch address and contact number clearly mentioned. (Often Banks also include their Branch number which is not necessary for us to have)
2. Name and address of the 1st and 2nd applicant (It is advised to have either of your parent as 2nd applicant when the person going for higher education is not earning).
Then, 3. Subject (this is not mandatory but it makes the Loan Sanction Letter look more formal). This can contain information like "Loan For Higher Education in Canada" (Also it should clearly mention either in the subject or the body that loan has been sanctioned.)
You can also include these following information in the body of your letter
The following points can then be included in the body:
a) Name of the facility: Here its Loan against FD/FDR/Banks own Deposit
b) Loan Amount: The loan amount and not the FD amount
c) Loan Account
number: Now this point is very important, I myself didn`t have this in my Loan Letter but mind you FD number and Loan Account number are the two official ways of finding out about your Loan. So this part should not be neglected. Thanks to "Happy Garcha" I got it included in my Loan letter.
Now if there are multiple FD account numbers, its highly recommended to include the Loan Account Number. Even otherwise I would call it mandatory.
Often this Loan Account Number is also mentioned as the reference number or serial number (do check this out).
d) Margin: If your loan is against FD, the Margin that bank holds while giving you the Loan would be mentioned here. Eg. Loan of Rs. 9 lacs against FD of Rs. 10 lacs (so the margin here is 10%).
e) Purpose of Loan. This is again another crucial part, here one should include its purpose of the loan. name of the institution one intends to attend, address of the institution (just the city, state and country is enough) and name of the applicants. Also don`t forget to include name of the course and its duration.
I hope this helps!
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