The Loan Closing Letter is a critical document in Nigerian banking practice that marks the formal conclusion of a loan facility. It is issued when a borrower has fully repaid their loan and met all associated obligations under the loan agreement. This document, regulated under Nigerian banking laws including BOFIA 2020 and Central Bank of Nigeria guidelines, serves multiple purposes: it confirms receipt of final payment, acknowledges complete discharge of debt obligations, authorizes the release of any collateral or securities, and provides the borrower with official documentation of the loan closure. The letter is particularly important for maintaining clear records of concluded banking relationships and may be required for future banking transactions or as evidence in legal or financial matters.
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1. Letterhead and Date: Bank's official letterhead, date of issuance, and reference number
2. Recipient Details: Borrower's full name and address
3. Subject Line: Clear indication that this is a loan closing letter with relevant loan reference numbers
4. Loan Identification: Details of the original loan including date, amount, and purpose
5. Confirmation of Final Payment: Statement confirming receipt of final payment and that all loan obligations have been met
6. Outstanding Balance Confirmation: Clear statement that the loan balance is zero and no further payments are required
7. Release of Securities: Confirmation of release of any collateral or securities held against the loan
8. Bank Authorization: Signature block with authorized bank official's details and official stamp
1. Repayment History Summary: Brief summary of the loan repayment history, used when specifically requested or for complex loans
2. Tax Implications Statement: Statement regarding tax considerations, included when there are specific tax implications to be noted
3. Future Banking Relationship: Statement about future banking relationships and available services, included for valued customers
4. Dispute Resolution Notice: Information about handling any future disputes, included when required by bank policy
5. Regulatory Compliance Statement: Specific statements required by Nigerian banking regulations, included when applicable
1. Final Payment Schedule: Detailed breakdown of the final payment including principal, interest, and any fees
2. Security Release Documents: Copies of documents confirming release of securities or collateral
3. Statement of Account: Final statement showing zero balance and all transactions
4. Supporting Documents List: List of all relevant documents that evidence the loan closure
Relevant legal definitions
Loan Agreement
Facility
Borrower
Lender
Final Payment Date
Outstanding Balance
Security
Collateral
Release Date
Effective Date
Original Principal Amount
Interest Rate
Security Documents
Guarantees
Authorized Signatory
Business Day
Default Interest
Discharge
Encumbrances
Facility Letter
GSI Mandate
Related Documents
Secured Obligations
Settlement Amount
Facility
Borrower
Lender
Final Payment Date
Outstanding Balance
Security
Collateral
Release Date
Effective Date
Original Principal Amount
Interest Rate
Security Documents
Guarantees
Authorized Signatory
Business Day
Default Interest
Discharge
Encumbrances
Facility Letter
GSI Mandate
Related Documents
Secured Obligations
Settlement Amount
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Manufacturing
Agriculture
Oil & Gas
Telecommunications
Healthcare
Education
Construction
Retail
Transportation & Logistics
Technology
Mining
Hospitality
Relevant Teams
Legal
Credit Operations
Loan Administration
Compliance
Risk Management
Treasury
Corporate Banking
Retail Banking
Documentation
Client Relations
Finance
Operations
Relevant Roles
Bank Manager
Loan Officer
Credit Manager
Legal Counsel
Compliance Officer
Chief Financial Officer
Finance Director
Treasury Manager
Risk Manager
Corporate Secretary
Banking Operations Manager
Credit Analysis Manager
Portfolio Manager
Relationship Manager
Document Control Officer
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