What is a loan authorization
A loan authorization letter is given by one person to anyone they trust and this is authority which is being transferred that the person who it is entrusted to will take care of the loan and sign wherever it is necessary. The details of the loan authorization include not only details of the loan but also details of the person who is being authorized as well.
The loan authorization is a signed and dated document which states along with the borrowers names and the loan number, the property number that they authorize the person or the company concerned that they can release information regarding the loan which has been specified in the first part of the document.
They also inform that the form can be duplicated and it can be sent by facsimile transmission when it needs to and that the authority and authorization is continuous and in continuity. The persons can receive information about the loan as well as take duplicates of the notice with regards the loan taken.
Such a loan authorization letter is normally signed by the borrow and he puts in his date of birth
In some cases, the loan authorization is given only for a certain time period and after expiry of the time period it becomes null and void. The loan authorization needs to mention the name and signature of the person who is to get the authority and these needs to be attested as well else it is not considered as a valid loan authorization document.
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