Loan Declaration Form for Singapore

Loan Declaration Form Template for Singapore

A Loan Declaration Form under Singapore law is a formal document that captures essential information about a loan arrangement between a borrower and lender. It serves as an official record of the borrower's acknowledgment of the loan terms, personal financial situation, and declarations regarding the accuracy of provided information. The document must comply with Singapore's Moneylenders Act, Banking Act, and related financial regulations, including specific requirements for interest rate disclosure and borrower protection measures.

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What is a Loan Declaration Form?

The Loan Declaration Form is a crucial document in Singapore's lending landscape, required whenever a formal loan is being processed. It serves multiple purposes: documenting the borrower's understanding of loan terms, capturing financial information for assessment, and ensuring compliance with Singapore's strict lending regulations. The form includes personal information, loan details, financial declarations, and various confirmations required under the Moneylenders Act and Banking Act. This document is particularly important for both protecting lenders and ensuring borrowers fully understand their obligations.

What sections should be included in a Loan Declaration Form?

1. Borrower Information: Personal details, identification, and contact information of the borrower including NRIC/passport number, address, and employment details

2. Loan Details: Specific information about the loan including amount requested, purpose, interest rate, and tenure of the loan

3. Repayment Terms: Details of payment schedule, method of payment, installment amounts, and due dates

4. Declaration Statements: Standard declarations confirming accuracy of information, acknowledgment of terms, and compliance with Anti-Money Laundering regulations

5. Signature Block: Space for date, borrower's signature, and witness details as required by Singapore law

What sections are optional to include in a Loan Declaration Form?

1. Guarantor Information: Details of guarantor including personal information and financial status, required for high-risk loans or when borrower doesn't meet minimum requirements

2. Collateral Declaration: Description and valuation of assets pledged as security for secured loans

3. Additional Income Sources: Declaration of supplementary income streams when primary income source is insufficient to meet loan criteria

What schedules should be included in a Loan Declaration Form?

1. Schedule A - Payment Schedule: Detailed repayment schedule showing installment dates, amounts, and breakdown of principal and interest

2. Schedule B - Supporting Documents Checklist: Comprehensive list of required documents including income proof, identity documents, and other supporting materials

3. Schedule C - Terms and Conditions: Full terms and conditions of the loan compliant with Singapore's Moneylenders Act and Banking regulations

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Clauses

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Banking
Financial Services
Real Estate
Small Business

Relevant Teams

Credit
Legal
Compliance
Operations
Risk Management

Relevant Roles

Loan Officer
Credit Manager
Compliance Officer
Financial Advisor
Branch Manager

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What is a Loan Declaration Form?

What sections should be included in a Loan Declaration Form?

What sections are optional to include in a Loan Declaration Form?

What schedules should be included in a Loan Declaration Form?

Authors

Alex Denne

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