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An Authorization Letter For Loan Closure is a crucial document in Philippine banking and finance that enables a loan holder to delegate the authority to close their loan account to another person. This document becomes necessary when the primary loan holder cannot personally appear at the bank to complete the loan closure process, such as when they are overseas, physically unable to visit the bank, or otherwise indisposed. The letter must conform to Philippine banking regulations and typically includes the complete details of the authorizer, the authorized person, specific loan account information, and the scope of authority granted. It serves as a legal protection for all parties involved - the bank, the loan holder, and the authorized representative - ensuring that the loan closure process is properly documented and authorized under Philippine law. The document may require notarization and specific supporting documents depending on the bank's requirements and the nature of the loan.

1. Date and Place: Current date and location where the letter is being executed

2. Bank Details: Full name and address of the bank/financial institution where the loan is held

3. Authorizer Information: Complete name, address, and contact details of the person granting the authorization (loan holder)

4. Authorized Person Details: Complete name, address, and contact details of the person being authorized to close the loan

5. Loan Account Information: Specific details of the loan account including account number, type of loan, and other relevant identifiers

6. Authorization Statement: Clear and specific statement of the powers being granted regarding loan closure

7. Validity Period: Timeframe for which the authorization is valid

8. Signature Block: Space for authorizer's signature, date, and government ID details