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Loan Cancellation Letter

Loan Cancellation Letter Template for Saudi Arabia

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Key Requirements PROMPT example:

Loan Cancellation Letter

"I need a Loan Cancellation Letter for a personal loan of SAR 500,000 that will be fully repaid on March 15, 2025, issued by Al Rajhi Bank in Riyadh, compliant with Saudi Arabian banking regulations and Sharia principles."

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Document background
The Loan Cancellation Letter is a crucial document in Saudi Arabian banking practice, issued when a borrower has fully satisfied their loan obligations or reached a settlement agreement with the lending institution. This document must comply with Saudi Arabian banking regulations, including those set by the Saudi Arabian Monetary Authority (SAMA), and adhere to Sharia law principles. The letter formally acknowledges the termination of the loan agreement, confirms that all payments have been received, releases any associated collateral or guarantees, and provides the borrower with official documentation of their discharged obligations. It is typically used upon full loan repayment, early settlement, or as part of a debt restructuring agreement, serving as legal proof that the borrower has no further obligations under the specified loan agreement.
Suggested Sections

1. Letter Header and Date: Official letterhead, date, and reference number of the communication

2. Recipient Details: Full name and address of the borrower

3. Loan Reference: Details of the original loan agreement including date, reference number, and original amount

4. Cancellation Declaration: Clear statement confirming the loan's cancellation and that all obligations have been fulfilled

5. Settlement Confirmation: Confirmation that all outstanding amounts have been settled in full

6. Release Statement: Declaration releasing the borrower from all further obligations related to the loan

7. Bank Authorization: Signature block for authorized bank representative(s)

Optional Sections

1. Security Release: Statement releasing any security or collateral held against the loan, if applicable

2. Guarantor Release: Release of any guarantors from their obligations, if applicable

3. Partial Settlement Terms: Details of any partial settlement arrangement, if the cancellation is part of a settlement agreement

4. Document Return: List of original documents to be returned to the borrower

5. Sharia Compliance Declaration: Specific statement confirming the settlement complies with Sharia principles, if required by the bank

Suggested Schedules

1. Final Account Statement: Detailed statement showing the final settlement of the loan account

2. Settlement Calculation: Breakdown of the final settlement amount including any applicable fees or charges

3. Security Release Documents: Copies of security release documentation if applicable

4. Original Loan Summary: Summary of the original loan terms and payment history

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 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
























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Relevant Industries

Banking

Financial Services

Islamic Finance

Real Estate

Commercial Lending

Retail Banking

Corporate Banking

Investment Banking

Construction

Manufacturing

Small and Medium Enterprises

Consumer Finance

Relevant Teams

Legal

Compliance

Credit Administration

Risk Management

Banking Operations

Customer Service

Document Control

Finance

Islamic Banking

Retail Banking

Corporate Banking

Credit Risk

Relevant Roles

Loan Officer

Bank Manager

Credit Manager

Legal Counsel

Compliance Officer

Sharia Compliance Officer

Risk Manager

Banking Operations Manager

Customer Service Manager

Document Control Officer

Financial Controller

Credit Administrator

Relationship Manager

Branch Manager

Treasury Manager

Industries






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