Loan Repayment Acknowledgement Letter Template for Singapore

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Key Requirements PROMPT example:

Loan Repayment Acknowledgement Letter

"I need a Loan Repayment Acknowledgement Letter for a small business loan of SGD 50,000, where the borrower has agreed to acknowledge the remaining debt of SGD 30,000 and set up a new monthly payment schedule starting March 2025."

Document background

The Loan Repayment Acknowledgement Letter is a crucial document in Singapore's lending landscape, used when there's a need to formally document a borrower's recognition of an existing debt. It serves multiple purposes: resetting the limitation period for debt collection, providing clear evidence of the debt's existence, and confirming the borrower's commitment to repayment. This document is particularly valuable in situations where the original loan documentation needs reinforcement or where there's a need to formalize a debt acknowledgment. Under Singapore law, such acknowledgments must be clear and unequivocal, containing specific details about the loan and parties involved.

Suggested Sections

1. Date: Current date of the acknowledgment letter

2. Parties' Information: Full names and addresses of both lender and borrower

3. Original Loan Details: Reference to original loan agreement, date, and amount

4. Current Outstanding Amount: Confirmation of the current outstanding balance

5. Acknowledgment Statement: Clear statement acknowledging the debt and obligation to repay

6. Signature Block: Space for borrower's signature and date

Optional Sections

1. Payment Schedule: Details of agreed repayment schedule, used when a specific repayment plan has been agreed

2. Interest Rate Declaration: Statement of applicable interest rate, used when interest terms are being acknowledged

3. Security Details: Reference to any security or collateral, used when loan is secured by assets

Suggested Schedules

1. Payment History Schedule: Details of payments made to date

2. Interest Calculation Schedule: Breakdown of interest calculations if applicable

3. Copy of Original Loan Agreement: Attached as reference document

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Acknowledgment of Debt
Amount Declaration
Interest Rate
Payment Terms
Default Provisions
Representations and Warranties
Governing Law
Security
Notices
Amendment
Assignment
Further Assurance
Severability
Entire Agreement
Counterparts
Time of Essence
Waiver
Costs and Expenses

Relevant Industries

Banking and Finance
Private Lending
Real Estate
Small Business

Relevant Teams

Finance
Legal
Credit
Collections
Risk Management

Relevant Roles

Credit Manager
Financial Controller
Loan Officer
Collections Manager
Legal Counsel

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Let's create your Loan Repayment Acknowledgement Letter

Authors

Alex Denne

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