Document background
The Loan Application Cancellation Letter is a crucial document used when an applicant needs to formally withdraw their loan application in Singapore. This document is particularly relevant when circumstances change during the application process, such as finding alternative financing, changes in financial situation, or shifting business needs. The letter must comply with Singapore's Banking Act and MAS guidelines, ensuring proper documentation of the cancellation request and protecting both the applicant's and institution's interests. It typically includes application references, clear cancellation intent, and handling of any preliminary fees or submitted documents.
