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The Loan Transfer Application Letter is a crucial document in the Nigerian banking system that enables borrowers to formally request the transfer of their existing loan from one financial institution to another. This document is typically used when a borrower has found more favorable loan terms with another lender, or when consolidating their banking relationships. The letter must comply with Nigerian banking regulations, particularly the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria guidelines. It includes comprehensive information about the existing loan, the current lender, the proposed new lender, and the borrower's details. This document serves as the first official step in the loan transfer process and must be accompanied by supporting documentation such as loan statements, identification documents, and the new lender's offer letter.

1. Sender's Details: Full contact information of the applicant/current loan holder, including name, address, and contact details

2. Recipient Bank Details: Complete details of the bank to which the letter is addressed, including branch information

3. Subject Line: Clear indication that this is a loan transfer application

4. Loan Account Information: Current loan account number and other relevant identifiers

5. Transfer Request Statement: Clear statement of intention to transfer the loan to another institution

6. Reason for Transfer: Brief explanation of the motivation for requesting the loan transfer

7. New Lender Information: Details of the institution to which the loan is to be transferred

8. Current Loan Status: Statement of the current loan amount, tenure, and payment status

9. Authorization Statement: Express authorization for the current bank to share loan information with the new lender

10. Closing and Signature: Professional closing, name, and signature of the applicant