A loan is a certain sum of money that is given by someone with a financial backing to a borrower to help them financially. The loan can either be given by a bank or a friend or a family member in exchange for some guarantee or by the Borrower’s financial credentials. This loan must always be sanctioned by providing a properly written document which mentions all the details of the transaction.
A Revolving Note and Loan Agreement Letter is issued by the lending party to the borrower to convey to them that the specified sum of money that they had requested to be sent to them has been agreed upon for a particular use only. It is a formal letter of agreement that finalizes the sanction of the loan to the concerned party and clearly mentions all the required details and terms that have been agreed upon by both the parties so as to prevent any misunderstanding or mis-communication. Below is the template of the same.
Table of Contents
Tips To Write A Revolving Note And Loan Agreement Letter
- The letter is a formal and legally binding document
- The letter must mention all the terms of the agreement
- The letter must contain the date on which the loan was sanctioned
- The letter must specify the purpose for which the loan has been granted
- The letter must be signed by the sender
- The letter must contain any relevant information regarding the loan that has been requested
- The letter must provide the latest date by which the receiver is supposed to revert along with any requirements that they must be needed to complete
Template
Use our free Revolving Note and Loan Agreement Letter to help you get started.
From,
____________ (name of the sender)
____________ (designation of the sender)
____________ (address of the sender)
Date: ___________ (date on which the letter was issued)
To,
____________ (name of the receiver)
____________ (address of the receiver)
____________
Subject: Loan approval for _______________ (mention the purpose for which the loan has been granted) dated _______ (the date when the request was made)
Respected __________ (name of receiver),
We feel immense pleasure to inform you that your _____________________________ (mention the details and the reference number of the loan request) has been accepted by _________ (name of the party who has accepted the loan). Having double checked your financial status, the concerned authority has sanctioned your loan of ____________ (mention the amount of the loan).
You are requested to go through the enclosed form of terms and conditions thoroughly and submit the required forms by ___________ (mention the latest date by which the receiver has to submit the forms).
Feel free to contact us on ______________ (mention your contact details) in case of any queries.
Yours Sincerely,
__________ (signature of the sender)
__________ (name of the sender)
Sample Letter
From,
Nathan Archibald
Branch Manager
New York City Bank
Date: February 26th, 2016
To,
Daniel Fernandez
62, Brooklyn Street
New York City
Subject: Loan approval for housing dated December 16th, 2015
Respected Mr Fernandez,
We feel immense pleasure to inform you that your housing loan with reference #812650 has been accepted by the New York City Bank. Having double checked your financial status, the concerned authority has sanctioned your loan of $50,000.
You are requested to go through the enclosed form of terms and conditions thoroughly and submit the required forms by March 10th, 2016.
Feel free to contact us on 555-0678 in the case of any queries.
Yours Sincerely,
N.Archibald (signature)
Nathan Archibald
Email Format
The following is the Email format that should be followed while writing a Revolving Note and Loan Agreement Letter.
From: nathanarchibald@email.com
To: danielfernandez@email.com
Date: February 26th, 2016
Subject: Loan approval for housing dated December 16th, 2015
Respected Mr Fernandez,
We feel immense pleasure to inform you that your housing loan with reference #812650 has been accepted by the New York City Bank. Having double checked your financial status, the concerned authority has sanctioned your loan of $50,000.
You are requested to go through the enclosed form of terms and conditions thoroughly and submit the required forms by March 10th, 2016.
Feel free to contact us on 555-0678 in the case of any queries.
Yours Sincerely,
N.Archibald (signature)
Nathan Archibald
Bank Manager, New York City Bank