When it comes to securing a loan, transparency about the intended use of the funds is crucial. This is where the Loan End Use Letter Format form steps in, serving as a formal communication between the borrower and the lender, notably within the context of applications to ICICI Bank Limited. Whether the loan is sought for education, business expansion, marriage, property purchase or improvement, medical treatment, agricultural or allied activities, or other personal needs, this document is fundamental. It outlines the borrower's commitment to use the funds strictly for the stated purposes, emphasizing that the loan will not finance illegal, antisocial, speculative activities, or the purchase of gold in any form. Additionally, the letter includes an acknowledgment that changing the use of funds without the bank's prior written consent is not permissible, intertwining the borrower's legal obligations with the specifics of loan utilization. It also touches on the implications for income tax benefits related to housing loans, underlining the formalities and compliance measures that safeguard both the lender's and borrower's interests. With a structure that accommodates both initial loan applications and subsequent top-up requests, this format is a critical document ensuring clarity and adherence to agreed-upon terms, thereby preempting any possible misunderstandings or misuse of the loaned funds.
| Question | Answer |
|---|---|
| Form Name | Loan End Use Letter Format Form |
| Form Length | 2 pages |
| Fillable? | Yes |
| Fillable fields | 31 |
| Avg. time to fill out | 6 min 46 sec |
| Other names | end use letter format for bank, ca certificate format for bank loan, end use certificate from ca format, end use certificate from ca |
End Use Letter Format
(A) Format for end use letter from the customer HEL
(Date)
Dear Sirs,
Sub: Application for Loan Facility for Ancillary Purpose.
I, _______________________________________________ refer to the Application No. _______ dated
________________ submitted by me to ICICI Bank Limited for availing of a Loan Facility (the
Facility) from ICICI Bank.
The said Facility is for the purpose of:
Education
Business
Marriage
Purchase / Improvement of property
Medical treatment
Agricultural Activities
Allied Activities
Specify:_______________________________________________
Other personal need
If for other personal need, specify: _____________________________________________.
I also declare that funds under the facility will not be used towards purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold Exchange Traded Funds (ETF) and units of gold Mutual Funds, etc.
I hereby represent, warrant and confirm that the aforesaid purpose is a valid purpose and also agree and undertake to utilize the Facility only for the above mentioned purpose and that the Facility shall not be used for any illegal and / or antisocial and / or speculative purposes including but not limited to participation in stock markets / IPOs / land purchase.
I further agree, confirm and undertake that the purpose of use of funds under the Facility shall not be changed in any manner during the tenor of the Facility; or that such change in purpose shall take place only with the prior written permission of ICICI Bank.
I hereby agree and confirm that the Income Tax benefits for a housing loan under the provisions of Income Tax Act, 1961 will not be available to me in respect of the Facility for the ancillary purpose(s).
I agree that any breach or default in complying with all or any of the aforesaid undertaking(s) will constitute an event of default under the Transaction Documents.
Thanking you,
Yours sincerely,
ApplicantCo-applicant
(B) Format for end use Letter from the customer for Top Up
(Date)
Dear Sirs,
Sub: Application for Loan Facility for Ancillary Purpose.
I, _______________________________________________ refer to the Application No. _______ dated
________________ submitted by me to ICICI Bank Limited , hereinafter referred to as “ ICICI Bank”
(which expression shall unless it be repugnant to the subject or context thereof, include its successors and assigns) for availing of a Loan Facility (the Facility)from ICICI Bank.
The said Facility is for the purpose of:
Education
Business
Marriage
Purchase / Improvement of property
Medical treatment
Agricultural Activities
Allied Activities
Specify: __________________________________________
Other personal need
If for other personal need, specify: _____________________________________________.
I also declare that funds under the facility will not be used towards purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold Exchange Traded Funds (ETF) and units of gold Mutual Funds, etc.
I hereby represent, warrant and confirm that the aforesaid purpose is a valid purpose and also agree and undertake to utilize the loan only for the above mentioned purpose and that the loan shall not be used for any illegal and / or antisocial and / or speculative purposes including but not limited to participation in stock markets / IPOs / land purchase.
I further agree, confirm and undertake that the purpose of use of funds under the Facility shall not be changed in any manner during the tenor of the Facility; or that such change in purpose shall take place only with the prior written permission of ICICI Bank.
I hereby agree and confirm that the Income Tax benefits for a housing loan under the provisions of Income Tax Act, 1961 will not be available to me in respect of the Facility for the ancillary purpose(s).
I agree that any breach or default in complying with all or any of the aforesaid undertaking(s) will constitute an event of default under the Transaction Documents.
Thanking you,
Yours sincerely,
ApplicantCo-applicant