When writing a letter to request partial payment of a loan, it's crucial to maintain clarity and politeness. Clearly state your name, loan account number, the amount of the loan, and its repayment duration. Explain the reason for wanting to make a partial payment and specify the amount you intend to pay. Request guidance on the procedure and inquire about any potential changes to the number of installments. End the letter with gratitude for their assistance.
Letter to Bank Manager for Partial Payment of Loan
To,
The Manager,
___________ (Bank Name),
___________ (Address)
Date: __/__/____ (Date)
Subject: Request for partial payment of the loan
Respected Sir/Madam,
I, _________ (Your Name) holding a loan account in your bank having account number ____________ (Account Number).
I would like to inform that I took a loan of __________ (Amount) and the tenor of repayment was ________ (Duration of repayment). This loan was taken on __/__/____ (Date) and it was supposed to be repaid till __/__/____ (Date). But due to __________ (Reason – Availability of funds/ Personal Choice), I want to make a partial payment of the loan. The amount will be __________ (Amount of Partial Payment). For any queries, you may contact me at _________ (Contact Number).
Kindly guide me through the procedure and let me know if the number of installments will be reduced
Thanking You,
Yours Truly,
__________ (Signature)
__________ (Name),
__________ (Address)
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Sandeep Bhandari