Liability Letter Terms and Conditions
- This liability letter is valid for 15 Calendar days, upon expiry, a new liability letter needs to be requested incurring charges.
- Early Settlement Fees (ESF) which is 1% of the outstanding amount or AED 10,000 whichever is lower is applicable on the outstanding principal amount as of the settlement date for (loan/finance products).
- All liabilities under CIF (Customer Information File) including all active direct and indirect credit facilities, including guarantees and accrued profit/interest, as of the issuance date will be mentioned.
- Amount for the charges of letter must be available in the account without which the request cannot be submitted.
- Separate Request needs to be submitted in case of multiple letters addressed to Multiple entities are required.
- Please note that a clearance letter can be issued once the credit card has been closed. However, if any pending or pipeline transaction is posted within 45 days after the card closure date, the customer will remain liable for the amount and must settle the outstanding balance accordingly.
- Ensure that all details provided in the request are accurate and complete. If any information is found to be incorrect or requires amendment after submission, a fresh request will need to be submitted, and the applicable issuance charges will be levied again.
- Letter will be Issued within 7 working days from Requested date.
- This document is confidential and intended solely for the use of the individual or entity to whom it is addressed. Unauthorized disclosure is prohibited and may be subject to penalties under UAE law.
- This certificate is issued at the request of the customer and does not constitute a clearance letter. It is provided without prejudice to the Bank’s rights and claims, present or future, and without any liability or responsibility on the part of the Bank or its authorized signatories.
