A sanction letter will normally include an expiry date. It would usually bind the borrower as to the date by which time the facility has to be repaid. If a facility is not repaid by the stipulated date, the bank would normally have to review the situation before agreeing to extend the facility. In the case of business facilities updated supporting documentation will normally be required by the bank before extension or renewal of the facilities can be sanctioned. The bank would normally charge a fee for undertaking the required review of facilities.
