Please refer to Section "Fair Value Hedge to hedge exchange rate risk" in note 1016432. I think that is applicable to your scenario.
It says "Use of hedge management is not required for all monetary fixed assets and payables, since the value change of the hedging instrument and the underlying transaction already balance thru the entry in the P&L statement".
In your case, your foreign currency loan is a monetary payable.
The note further says that for non monetary fixed assets and payable e.g. foreign stock, use of a fair value hedge is conceivable. However since system cannot load any stocks as an exposure, at present you cannot map fair value hedges to hedge exchange rate risk.
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Mani