When writing a loan repayment extension request letter, it's important to be clear and polite. Clearly state your name, loan account details, and the reason for requesting the extension. Mention the desired extension period and express willingness to follow the necessary procedure. Politely request guidance from the lender and provide your contact details for further communication.
Sample Letter to Bank for Loan Repayment Extension
To,
The Manager,
_______ (Name of the Lender)
_______ (Address of the Lender)
Date : __/__/____ (Date)
Subject: Request for loan repayment extension bearing Loan ID: ________ (Loan ID/Account Number)
Respected Sir/Madam,
I am _______ (your name) and a loyal customer of _______ (bank/company/other) _______ (Branch), holding a __________ (type of loan) loan account.
This letter is for submitting a request regarding my loan account i.e. _______ (Loan Account Number), The ______ (tenure) and EMI is ______ ( amount ). I have availed the loan for ___ (no. of months/years) and as per the discussion and offer received, I want to extend my loan for ___ (months). The main reason for loan repayment extension is _________ (mention reason).
Kindly, guide me through the procedure and confirm how to avail the facility.
Please find my loan account details for your reference mentioned below:
Account Number: _________
Registered Mobile Number: _________
Waiting for a response with all the requirements and information.
Thanks and Regards,
_________ (Sender’s Name)
_________ (Sender’s loan account number)
_________ (Sender’s Contact Details)
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FAQs
- Is it necessary to provide my loan account details in the letter?
- Yes, providing your loan account details helps the lender identify your account and process your request accurately.
- What should I mention as the reason for requesting the loan repayment extension?
- Be honest and specific about your reason. Common reasons include financial difficulties, unexpected expenses, or changes in income.
- How long does it typically take for a loan repayment extension request to be processed?
- The processing time may vary depending on the lender's policies and procedures. It's advisable to follow up with the lender if you haven't received a response within a reasonable timeframe.
- Can I request multiple extensions for loan repayment?
- Generally, lenders may allow for one extension, but requesting multiple extensions may be subject to additional scrutiny and approval.
- What documents do I need to provide for the loan repayment extension request?
- The lender may require documents such as proof of income, financial statements, or a written explanation of your circumstances. It's best to inquire with the lender about their specific requirements.
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Sandeep Bhandari