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To drawdown a loan simply means using the money, i.e actually having it transferred from the bank to your account. You will be charged interest from the date of the drawdown.

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15y ago

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Legal definition of a bank loan drawdown?

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A notice of drawdown is a formal communication typically used in financial contexts, particularly in loan agreements or credit facilities. It informs the lender that the borrower intends to withdraw a specific amount of funds from an available credit line or loan. This notice outlines the details of the drawdown, including the amount requested, the purpose, and any relevant terms or conditions. It ensures that both parties are aligned on the transaction and helps facilitate the timely disbursement of funds.


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