bank loan

Same thing happened with one of my friends in Dubai and he issued an Authority Letter in favor of his Dubai resident friend with a copy of their passports.

As I remember, the matter of that letter was like as follows:

**************************************

Dear Sir,

Please be informed that I had borrowed a loan amounting AED.... on.... with an EMI of AED .... for .. months starting from MM/YYYY.

I went on vacation to my home country India but due to some unavoidable circumstances, am unable to return back to UAE. I hereby authorize my friend Mr. XYZ, an Indian national with passport no. XXXXXXXXXX, to settle my loan on behalf of me. The bank may kindly handover the 'loan clearance certificate' to him upon receiving the payment.

I may be contacted on (email) or mobile: 0091......, in case of any clarification.

******************************************

Alternatively, if he wants to pay in monthly installments, it can also be requested to bank, and you can deposit such amount to his account well before the due date every month!!

Morale of the story: No institution refuses receiving the pending payments, bank would welcome the settlement, of course !!

me too

I agree cool2cool's idea. That is the best solution.

Just e-remit funds to your friends current or savings account (where the loan is usually debited each month) and the bank will settle from there. In case you want to remit full amount and full settle the loan (with early settlement charges levied by most banks), an instruction is required in writing.

I would suggest; on behalf of your friend you to approach the bank manager personally and explain the concern. He will surely give solution to close the subject.

It will work-out more better than the email and awaiting it's response to move further.

Bank transfer to his account here where the bank debits his loan. Usually, that is his payroll account.