Document background
The Authorization Letter For Loan Closure is a critical document in Singapore's banking and financial services sector, used when an account holder needs to formally authorize the closure of their loan account. This document is particularly important in Singapore's highly regulated financial environment, where clear documentation and proper authorization are essential for banking transactions. The letter typically includes the account holder's details, loan account information, explicit authorization statement, and must comply with Singapore's Banking Act and MAS guidelines. It serves as legal evidence of the account holder's intention to close the loan and protects both the financial institution and the account holder.
