The Lender Approval Letter is a crucial document in Austrian banking practice that formally communicates a financial institution's decision to extend credit to a borrower. It is typically issued after a thorough credit assessment process and serves as a conditional commitment to lend. The document must comply with Austrian banking regulations, including the Bankwesengesetz (BWG) for general banking matters and the Verbraucherkreditgesetz (VKrG) for consumer lending. The letter includes essential information such as loan terms, conditions precedent, validity period, and next steps in the process. It is used both in corporate and consumer lending contexts and forms the basis for proceeding with the formal loan documentation. The approval letter must be carefully drafted to ensure it meets regulatory requirements while clearly communicating the terms and conditions of the approved financing.
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1. Letter Header: Bank letterhead, date, reference number, and addressee details
2. Loan Application Reference: Reference to the loan application received and any relevant application dates
3. Approval Statement: Clear statement of approval and basic loan amount
4. Key Loan Terms: Essential terms including amount, interest rate, term, and repayment schedule
5. Conditions Precedent: List of conditions that must be met before the loan can be drawn
6. Validity Period: Period for which the approval remains valid
7. Next Steps: Instructions on how to proceed with the loan acceptance
8. Contact Information: Details of the responsible loan officer or department
9. Signature Block: Authorized signatory details and signature space
1. Security Requirements: Required for secured loans - details of collateral requirements
2. Insurance Requirements: Required when specific insurance coverage is needed as part of the loan conditions
3. Special Conditions: Any unique or special conditions applicable to this specific approval
4. Fee Structure: Detailed breakdown of applicable fees and charges, if not included in main terms
5. Multiple Facility Details: Required when approving multiple loan facilities or types
6. Consumer Credit Information: Required for consumer loans under VKrG - standardized information requirements
1. Schedule 1 - Loan Calculation Summary: Detailed breakdown of loan calculations including amortization schedule
2. Schedule 2 - Fee Schedule: Comprehensive list of all applicable fees and charges
3. Schedule 3 - Required Documentation: List of documents required for loan completion
4. Appendix A - Standard Terms and Conditions: Bank's standard terms and conditions applicable to the loan
5. Appendix B - Consumer Rights Notice: For consumer loans - mandatory information about consumer rights under Austrian law
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