The Loan Declaration Form is a mandatory document required by Nigerian financial institutions and regulated by the Central Bank of Nigeria for all formal lending transactions. It serves as a comprehensive declaration of the borrower's financial status, creditworthiness, and understanding of loan obligations. This document is essential for compliance with the Banks and Other Financial Institutions Act (BOFIA) 2020 and various Nigerian banking regulations. The form must be completed prior to loan approval and typically includes personal information, financial details, employment status, asset declarations, and various legal acknowledgments. It acts as both a loan application component and a legal record of the borrower's declarations, helping financial institutions assess loan eligibility while ensuring regulatory compliance.
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1. Personal Information: Borrower's full legal name, contact details, identification numbers, and address
2. Employment Details: Current employment status, employer information, position, and length of employment
3. Loan Details: Amount requested, purpose of loan, desired term, and preferred repayment schedule
4. Financial Information: Income details, existing debt obligations, and other financial commitments
5. Asset Declaration: List of major assets owned by the borrower that could serve as security
6. Bank Account Details: Primary bank account information for loan disbursement and repayment
7. Declarations and Confirmations: Standard declarations about accuracy of information, understanding of obligations, and consent to credit checks
8. Authorization: Permissions for credit checks, information verification, and data processing
9. Signature Section: Space for borrower's signature, date, and witness details
1. Business Information: For business loans: company details, registration numbers, and business financial information
2. Guarantor Information: When a guarantor is required: personal and financial details of the guarantor
3. Collateral Details: For secured loans: detailed description of assets offered as collateral
4. Co-Borrower Information: When applicable: personal and financial details of any co-borrowers
5. Foreign Exchange Declaration: For foreign currency loans: acknowledgment of exchange rate risks and foreign currency obligations
1. Schedule A - Income and Expense Statement: Detailed breakdown of monthly income sources and regular expenses
2. Schedule B - Asset and Liability Statement: Comprehensive list of all assets owned and existing liabilities
3. Schedule C - Bank Statement Summary: Summary of recent bank statements showing cash flow history
4. Appendix 1 - Required Documentation Checklist: List of supporting documents required to be submitted with the declaration form
5. Appendix 2 - Terms and Conditions: Standard terms and conditions applicable to the loan declaration
Relevant legal definitions
Applicable Law
Asset
Authorized Representative
Bank
Borrower
Business Day
CBN
Collateral
Co-Borrower
Credit Bureau
Credit Check
Date of Declaration
Default
Effective Date
Encumbrance
Event of Default
Financial Institution
Financial Statements
Guarantor
Interest Rate
Lender
Liability
Loan Amount
Loan Purpose
Material Adverse Change
Maturity Date
Net Worth
Outstanding Balance
Payment Date
Personal Information
Principal Amount
Repayment Schedule
Security
Security Interest
Supporting Documents
Term of Loan
Terms and Conditions
Asset
Authorized Representative
Bank
Borrower
Business Day
CBN
Collateral
Co-Borrower
Credit Bureau
Credit Check
Date of Declaration
Default
Effective Date
Encumbrance
Event of Default
Financial Institution
Financial Statements
Guarantor
Interest Rate
Lender
Liability
Loan Amount
Loan Purpose
Material Adverse Change
Maturity Date
Net Worth
Outstanding Balance
Payment Date
Personal Information
Principal Amount
Repayment Schedule
Security
Security Interest
Supporting Documents
Term of Loan
Terms and Conditions
Clauses
Declaration of Truth
Personal Information
Financial Disclosure
Asset Declaration
Liability Declaration
Employment Details
Bank Account Details
Credit History
Data Protection
Information Verification
Authorization and Consent
Credit Check Permission
Document Authenticity
Anti-Money Laundering
Default Acknowledgment
Interest Rate Acknowledgment
Repayment Terms
Collateral Declaration
Change in Circumstances
Legal Compliance
Privacy Notice
Information Update
Third Party Verification
Document Retention
Electronic Communications
Signature and Witnessing
Personal Information
Financial Disclosure
Asset Declaration
Liability Declaration
Employment Details
Bank Account Details
Credit History
Data Protection
Information Verification
Authorization and Consent
Credit Check Permission
Document Authenticity
Anti-Money Laundering
Default Acknowledgment
Interest Rate Acknowledgment
Repayment Terms
Collateral Declaration
Change in Circumstances
Legal Compliance
Privacy Notice
Information Update
Third Party Verification
Document Retention
Electronic Communications
Signature and Witnessing
Relevant Industries
Banking
Financial Services
Microfinance
Real Estate
Manufacturing
Agriculture
Retail
Technology
Healthcare
Education
Construction
Transportation
Energy
Telecommunications
Relevant Teams
Legal
Compliance
Credit Risk
Loan Operations
Customer Service
Documentation
Underwriting
Due Diligence
Risk Management
Branch Operations
Relevant Roles
Loan Officer
Credit Analyst
Branch Manager
Compliance Officer
Risk Manager
Legal Counsel
Banking Operations Manager
Financial Advisor
Relationship Manager
Credit Risk Officer
Documentation Specialist
Underwriter
Due Diligence Officer
Customer Service Representative
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