The Loan Release Form is a critical document in Nigerian lending transactions, used when a lender disburses approved loan funds to a borrower. This document serves as official evidence of fund disbursement and receipt, protecting both parties' interests under Nigerian law. It is essential for maintaining accurate loan records, ensuring regulatory compliance, and establishing a clear audit trail of the transaction. The form typically follows requirements set by the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria regulations, making it a crucial component in both consumer and commercial lending. Financial institutions use this document to confirm that loan proceeds have been properly disbursed and received, while borrowers use it to acknowledge receipt of funds and accept the associated terms and conditions.
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1. Parties: Identification of the Lender and Borrower with full legal names and addresses
2. Background: Brief context of the loan agreement and purpose of this release form
3. Definitions: Key terms used in the document defined for clarity
4. Loan Details: Specific information about the loan including amount, interest rate, and term
5. Release Acknowledgment: Formal acknowledgment of the receipt of loan funds by the borrower
6. Payment Terms: Confirmation of agreed repayment schedule and method
7. Representations and Warranties: Borrower's confirmation of their legal capacity and authority to receive the loan
8. Governing Law: Specification that Nigerian law governs the document
9. Execution: Signature blocks for all parties and witnesses
1. Security Details: Include when the loan is secured by collateral or guarantees
2. Special Conditions: Any specific conditions that must be met before or after the release of funds
3. Purpose Declaration: Required for regulated loans or when the purpose needs to be documented
4. Bank Account Details: When funds are to be released to a specific account
5. Multiple Disbursement Schedule: For loans released in multiple tranches
6. Third Party Authorization: When funds are to be released to someone other than the borrower
1. Schedule A - Loan Calculation Details: Detailed breakdown of the loan amount, fees, and charges
2. Schedule B - Disbursement Instructions: Specific instructions for the release of funds
3. Schedule C - Supporting Documents: List of documents provided to support the loan release
4. Appendix 1 - KYC Documentation: Copies or references to identity verification documents
5. Appendix 2 - Bank Verification: Bank account verification details and documentation
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Manufacturing
Agriculture
Oil & Gas
Construction
Retail
Healthcare
Education
Transportation
Technology
Small & Medium Enterprises
Relevant Teams
Legal
Credit Administration
Risk Management
Compliance
Operations
Finance
Treasury
Documentation
Client Services
Internal Audit
Relevant Roles
Loan Officer
Credit Manager
Compliance Officer
Legal Counsel
Banking Operations Manager
Risk Manager
Credit Analyst
Branch Manager
Financial Controller
Treasury Manager
Documentation Specialist
Relationship Manager
Chief Financial Officer
Company Secretary
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