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Sample Loan Sanction Letter

Tom Jones has been approved for an education loan of INR 5,000,000 (equivalent to USD $68,271) from ABC Financial Services to fund his studies in the United States starting in Fall/Spring 2020. Dan Jones and Jill Jones will co-sign the loan as co-borrowers. The interest rate will float based on market conditions. Repayment will be through ECS and PDCs from Tom Jones' bank account. Insurance must be taken out and assigned to ABC Financial Services. Disbursement of funds depends on Tom receiving a valid US visa.

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shyam Saravanan
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17K views1 page

Sample Loan Sanction Letter

Tom Jones has been approved for an education loan of INR 5,000,000 (equivalent to USD $68,271) from ABC Financial Services to fund his studies in the United States starting in Fall/Spring 2020. Dan Jones and Jill Jones will co-sign the loan as co-borrowers. The interest rate will float based on market conditions. Repayment will be through ECS and PDCs from Tom Jones' bank account. Insurance must be taken out and assigned to ABC Financial Services. Disbursement of funds depends on Tom receiving a valid US visa.

Uploaded by

shyam Saravanan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Date: 1/31/2020

To:
Tom Jones
No 123 First Street
City, Country 123123

Dear Sir/Madam,

Subject: Education Loan Sanction Letter


Ref: Application No. A123456789

This has reference to your above referred application for and Education Loan (“Loan”) for funding higher
studies of TOM JONES at an accredited institution in the United States, starting Fall/Spring 2020. Based
on the details provided by you vide your said application, ABC Financial Services is pleased to inform you
about sanction of an education loan on the terms and conditions mentioned below:
 Loan Amount: INR 5,000,000 equivalent to USD $68,271 approximate at exchange rate of 1 USD:
73.25 INR
 DAN JONES would assume responsibility as the co-borrower to the loan and JILL JONES would
assume as additional co-borrower.
 Floating Rate of interest applicable to the loan would be as per the market conditions prevalent
at the time of disbursement.
 Payment Mode: ECS & PDCs to be through TOM JONES, ABC BANK LIMTED, CITY, AC#123123123
 Insurance to be taken by the Applicant and duly assigned in favor of ABC Financial Services
 Validity of this offer: This sanction/offer letter will automatically stand withdrawn if the
disbursement is not availed of within 30th September 2020 from the date issue of this sanction
letter.

Disbursement of the loan will be only upon successfully fulfilling the conditions as mentioned below:
1. Applicant receiving valid US Visa from appropriate authorities.

For ABC Financial Services

Authorized Signatory

ABC Financial Services


Corporate Identity Number: ABC12312312
Address
Tel: 123-456-1234
Email: loan@abcfinancials.net

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