When drafting a clearance letter for full payment, clarity and precision are essential. Clearly state the purpose of the letter, including details such as the borrower's name, account number, and the amount repaid. Specify the date of the final payment installment and ensure a polite tone throughout the letter.
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- Sample Letter
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- Additional Template Options
- Download Options
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- Share via WhatsApp
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- Print Letter
- FAQs
Sample Clearance Certificate for Full Payment
To,
__________
__________ (Receiver Address),
Subject: Payment Clearance Certificate
Date: __/__/____ (Date)
Sir/Madam,
This letter is in reference to __________ (mention details – loan/other) bearing account number/ ID number/ user number ___________ (mention – account number/ ID number/ user number).
This is to state that __________ (name of the borrower) has completely repaid __________ (mention amount). The final installment for the repayment was done on __/__/____ (date).
This letter serves as an official clearance certificate for the completion of repayment of the borrowed amount.
For,
____________ (Company’s Name)
____________ (Signature),
____________ (Name),
____________ (Contact Number)
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FAQs
- What is a payment clearance certificate?
- A payment clearance certificate is an official document issued by a creditor or financial institution, certifying that a borrower has fully repaid a loan or debt.
- Why is a payment clearance certificate important?
- A payment clearance certificate is important as it provides evidence that the borrower has fulfilled their financial obligation, which may be required for various purposes such as closing accounts or obtaining further financial assistance.
- Who issues a payment clearance certificate?
- A payment clearance certificate is typically issued by the creditor or financial institution from which the borrower obtained the loan or incurred the debt.
- What information should be included in a payment clearance certificate?
- A payment clearance certificate should include details such as the borrower's name, the borrowed amount, the account number or ID number, the date of borrowing, and the date of final repayment.
- Is a payment clearance certificate legally binding?
- Yes, a payment clearance certificate is a legally binding document that confirms the completion of the repayment process and may be used as proof of payment in legal and financial matters.
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