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Consent Letter For Loan for Malaysia

Consent Letter For Loan Template for Malaysia

A formal written document used in Malaysian jurisdiction that provides explicit consent from a relevant party in relation to a loan facility. This document serves as a legal declaration acknowledging the terms, conditions, and obligations associated with a loan agreement. Under Malaysian law, particularly governed by the Financial Services Act 2013 and Contracts Act 1950, this document forms an essential part of loan documentation, providing legal protection for both the lending institution and the consenting party. It includes detailed identification of parties, specific consent declarations, and necessary acknowledgments of loan terms.

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What is a Consent Letter For Loan?

A Consent Letter For Loan is a crucial document in Malaysian banking and financial services, required when obtaining formal acknowledgment and agreement from relevant parties involved in a loan facility. This document is particularly important in scenarios involving guarantors, joint borrowers, or when specific third-party consent is required for loan approval. Under Malaysian law, particularly the Financial Services Act 2013 and Contracts Act 1950, this letter serves as legal evidence of the consenting party's understanding and acceptance of their role and obligations in the loan arrangement. The document typically includes personal details of the consenting party, specific loan reference information, clear consent declarations, and acknowledgment of terms and conditions. It's commonly used in various financing scenarios, from personal loans to commercial financing, and forms part of the essential loan documentation package required by Malaysian financial institutions.

What sections should be included in a Consent Letter For Loan?

1. Letter Header: Contains date, reference number, and formal addressing of the recipient (usually the lending institution)

2. Subject Line: Clear indication that this is a consent letter for a specific loan facility

3. Consenting Party Details: Full name, IC/Passport number, address and contact details of the person giving consent

4. Loan Reference: Details of the loan facility including reference numbers, amount, and basic terms

5. Consent Declaration: Clear statement of consent for the loan, including acknowledgment of obligations and responsibilities

6. Acknowledgment of Terms: Confirmation that the consenting party understands the loan terms and conditions

7. Authority Declaration: Statement confirming the person's authority to give consent (if applicable)

8. Signature Block: Space for signature, name, IC number, and date of signing

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

1. Guarantee Declaration: Required when the consent letter includes a guarantee commitment for the loan

2. Property Details: Needed when the loan is related to specific property or assets

3. Relationship Declaration: Statement of relationship to the borrower, required when consenting party is not the primary borrower

4. Additional Undertakings: Any specific promises or commitments required by the lender

5. Witness Section: Required when the bank or local law requires witness verification

What schedules should be included in a Consent Letter For Loan?

1. Loan Term Sheet: Detailed breakdown of the loan terms, interest rates, and repayment schedule

2. List of Security Documents: If the loan involves multiple security documents requiring consent

3. Supporting Documents: Copies of IC/Passport, proof of address, or other required identification documents

Authors

Alex Denne

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

Jurisdiction

Malaysia

Publisher

Genie AI

Document Type

Consent Letter

Cost

Free to use
Relevant legal definitions















Clauses














Relevant Industries

Banking

Financial Services

Real Estate

Construction

Manufacturing

Retail

Commercial Property

Industrial

Agriculture

Small and Medium Enterprises

Relevant Teams

Legal

Compliance

Credit Administration

Risk Management

Corporate Banking

Retail Banking

Documentation

Operations

Customer Service

Credit Assessment

Relevant Roles

Loan Officer

Credit Manager

Legal Counsel

Banking Executive

Compliance Officer

Financial Advisor

Relationship Manager

Credit Analyst

Documentation Specialist

Risk Manager

Branch Manager

Corporate Banking Officer

Industries






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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