In terms of lending operations of the banks, what does the acceptance letter signify?
In terms of lending operations of the banks, what does the acceptance letter signify?
[A]That a loan has been approved by the Bank
[B]That a loan has been disbursed to the borrower
[C]That the terms of loan have been accepted by the borrower
[D]That the loan has been fully repaid
That the terms of loan have been accepted by the borrower
Acceptance letter is the letter that a borrower or applicant gives to the lender after reading the terms of the loan. This letter denotes the borrower’s willingness to accept the loan offer within a particular time frame.