When composing a letter to request the foreclosure of a loan, clarity and politeness are key. Begin with a respectful salutation and provide essential details such as your loan account number, loan amount, purpose, and current payment status. Clearly express your intention to foreclose the loan and mention your willingness to pay any pending amount in a single installment. Request guidance on the foreclosure procedure and provide your contact information for further communication.
Sample Application for Foreclosure of Loan
To,
The Manager,
__________ (Bank Name),
__________ (Branch Address)
Date: __/__/____ (Date),
Subject: Foreclosure of loan
Respected Sir/Madam,
Most respectfully, I would like to inform you that I do hold a loan account in your branch bearing account number ___________ (Account number).
I am currently holding a loan of _______ (Amount) for _______ (Purpose) and I am writing this letter to inform you that I am looking forward to the foreclosure of the loan. My loan ID is ________ (Loan ID/Account Number) and I opted for ________ (Number of EMI’s) EMIs. I have already paid ______ (Amount) in _______ (Number of EMIs) EMIs and I am willing for foreclosure of the loan. I am ready to pay all pending amount i.e. ________ (Pending loan amount) in a single installment.
I request you to kindly guide me through the procedure to avail the above-mentioned service. I shall be highly obliged for your kind response. In case of any queries, you may contact me at __________ (Contact number).
Thanking you,
_________ (Signature)
_________ (Your name),
_________ (Contact number)
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Sandeep Bhandari