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Authorization Letter For Loan Application for Singapore

Authorization Letter For Loan Application Template for Singapore

A formal document governed by Singapore law that grants specific authority to a designated individual or institution to act on behalf of the authorizer in matters relating to a loan application. The document complies with Singapore's Banking Act, Personal Data Protection Act, and relevant MAS guidelines, providing legal protection for all parties involved in the loan application process. It includes detailed identification of all parties, specific powers granted, and duration of the authorization.

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Authorization Letter For Loan Application

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What is a Authorization Letter For Loan Application?

The Authorization Letter For Loan Application is a crucial document in Singapore's lending landscape, necessary when an individual needs to delegate authority for handling their loan application process. It is commonly used when the loan applicant cannot be physically present, requires assistance due to language barriers, or prefers to have a professional handle the application. The document must comply with Singapore's strict banking regulations and data protection laws, including the Banking Act and PDPA. It typically specifies the scope of authority, duration, and includes necessary personal information as required by MAS guidelines for proper verification and processing.

What sections should be included in a Authorization Letter For Loan Application?

1. Date: Current date of the authorization letter

2. Authorizer Details: Full name, NRIC/passport number, contact details, and address of person giving authorization

3. Authorized Party Details: Full name, NRIC/passport number, contact details of person/institution being authorized

4. Purpose: Clear statement of authorization purpose for loan application

5. Scope of Authorization: Specific powers and activities being authorized

6. Duration: Validity period of the authorization

7. Signature Block: Authorizer's signature and date

What sections are optional to include in a Authorization Letter For Loan Application?

1. Witness Details: Details and signature of witness, recommended for higher value loans

2. Specific Loan Details: Include when authorization is for a specific loan application rather than general authority

3. Revocation Clause: Terms under which authorization can be revoked, recommended for longer-term authorizations

What schedules should be included in a Authorization Letter For Loan Application?

1. Schedule 1 - Identity Documents: Certified copies of authorizer's identification documents

2. Schedule 2 - Proof of Address: Recent utility bill or other address verification

3. Schedule 3 - Supporting Documents: Any specific documents required by the lending institution

Authors

Alex Denne

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

Jurisdiction

Singapore

Publisher

Ƶ

Document Type

Letter of Authority

Sector

Banking

Cost

Free to use
Relevant legal definitions




















Clauses


















Industries

Banking Act (Chapter 19): Primary legislation regulating banking business and financial institutions in Singapore. Contains key provisions regarding banking secrecy and disclosure of information requirements.

Personal Data Protection Act 2012 (PDPA): Comprehensive legislation governing the collection, use, and disclosure of personal data in Singapore. Mandates obtaining consent for sharing personal information.

Moneylenders Act (Chapter 188): Legislation specifically governing licensed moneylending in Singapore, including provisions about authorization and representation in loan transactions.

Electronic Transactions Act (Chapter 88): Legislation providing legal framework for electronic transactions and recognition of electronic signatures in Singapore.

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore covering lending practices and Know-Your-Customer (KYC) requirements.

Contract Law (Common Law): Fundamental principles of contract formation under Singapore's common law system, including requirements for valid authorization and representation.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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