The Demand Notice For Loan Repayment is a crucial document in Saudi Arabia's banking and finance sector, serving as a formal prerequisite to legal proceedings against defaulting borrowers. It is typically issued when loan payments have been missed or terms have been breached, and it must be drafted in compliance with Sharia law, the Saudi Banking Control Law, and SAMA regulations. The notice should be issued after informal collection attempts have failed but before initiating legal proceedings. It includes essential information such as loan details, payment history, outstanding amounts, and payment demands, while ensuring all profit calculations align with Islamic finance principles. This document is particularly important as it creates a formal record of the demand and can be used as evidence in subsequent legal proceedings in Saudi courts.
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1. Sender Details: Full legal name and address of the creditor/bank, including any relevant registration or license numbers
2. Recipient Details: Full legal name and address of the debtor, including national ID/commercial registration number
3. Reference Information: Loan agreement reference number, date of original agreement, and any other relevant identifying information
4. Loan Details: Original loan amount, current outstanding balance, interest/profit rate (in compliance with Sharia), and payment history
5. Default Details: Specific details of the default, including missed payment dates and amounts
6. Demand Statement: Clear statement of demand for repayment, including total amount due and deadline for payment
7. Legal Consequences: Statement of legal actions that may be taken if payment is not received
8. Payment Instructions: Specific instructions on how and where to make the payment
9. Contact Information: Details of whom to contact for payment arrangements or queries
1. Previous Correspondence Reference: Reference to previous reminder letters or notices, used when this is not the first notification
2. Guarantor Notice: Additional section when there is a guarantor who needs to be notified of the default
3. Collateral Details: Description of any secured assets, included when the loan is secured
4. Restructuring Options: Optional section offering payment plan options, included when the creditor is willing to negotiate terms
5. Force Majeure Recognition: Acknowledgment of any claimed force majeure events affecting repayment, included when relevant circumstances exist
1. Statement of Account: Detailed breakdown of the loan account, including all transactions and current balance
2. Payment History Schedule: Comprehensive list of all payments made and missed payments
3. Original Loan Agreement: Copy of the original loan agreement and any amendments
4. Previous Notices: Copies of any previous reminder notices or correspondence regarding the default
5. Power of Attorney: If the notice is being sent by a representative, proof of authority to act on behalf of the creditor
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Islamic Finance
Corporate Lending
Retail Banking
Commercial Real Estate
Industrial & Manufacturing
Construction & Infrastructure
Small and Medium Enterprises
Healthcare
Education
Retail & Commerce
Relevant Teams
Legal
Collections
Credit Risk
Compliance
Islamic Banking
Corporate Banking
Retail Banking
Recovery & Restructuring
Legal Operations
Customer Relations
Risk Management
Documentation
Relevant Roles
Legal Counsel
Credit Manager
Collections Officer
Compliance Officer
Risk Manager
Islamic Finance Specialist
Corporate Banking Manager
Retail Banking Manager
Legal Operations Manager
Recovery Specialist
Relationship Manager
Chief Legal Officer
Head of Collections
Credit Risk Officer
Sharia Compliance Officer
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