The Demand Letter For Bank Loan is a critical document in the Indian banking sector's debt recovery process. It is typically issued when a borrower defaults on loan payments or breaches other significant loan agreement terms. This formal communication serves as both a legal notice and a final opportunity for the borrower to regularize the account before the bank initiates more severe recovery measures. The document must comply with Indian banking regulations, particularly the Banking Regulation Act, 1949, and related debt recovery laws. It should clearly state the loan details, default particulars, outstanding amounts (including interest and charges), and provide a reasonable timeframe for payment. The demand letter often serves as a prerequisite document before initiating legal proceedings through Debt Recovery Tribunals or under the SARFAESI Act, making its proper drafting and delivery crucial for both legal compliance and effective debt recovery.
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1. Bank's Details and Letter Head: Official letterhead including bank name, branch details, and contact information
2. Date and Reference Number: Current date and unique reference number for the demand letter
3. Borrower's Details: Full name and address of the borrower(s) and guarantor(s) if any
4. Loan Account Details: Loan account number, type of facility, and original loan amount
5. Default Description: Clear statement of the default event(s) and period of default
6. Outstanding Amount: Detailed breakdown of the total amount due including principal, interest, and other charges
7. Demand Statement: Formal demand for payment with specific timeframe for compliance
8. Consequences of Non-Payment: Clear statement of legal actions that will be taken if payment is not made
9. Payment Instructions: Specific instructions on how and where to make the payment
10. Authorized Signatory: Name and signature of authorized bank official
1. Reference to Previous Notices: Include when prior notices or communications have been sent regarding the default
2. Security Details: Include when the loan is secured and there's a need to reference the security for enforcement
3. Guarantor Notice: Include when there are guarantors who need to be formally notified
4. Settlement Options: Include when the bank is willing to offer settlement or restructuring options
5. Cross-Default References: Include when there are multiple facilities in default
6. Legal Provisions Citation: Include specific references to relevant laws when legal action is imminent
1. Statement of Account: Detailed statement showing all transactions, interest calculations, and current outstanding balance
2. Interest Calculation Sheet: Detailed breakdown of interest charges, including rates applied and periods
3. Default History: Chronicle of defaults, including dates and amounts
4. Security Details Schedule: List and details of all securities held against the loan
5. Previous Communications Log: List of all previous notices and communications regarding the default
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