Loan Adjustment Request Letter for Auto Loan Sample
[City, State, ZIP]
[City, State, ZIP]
Subject: Loan Adjustment Request
Dear [Recipient’s Name],
I hope this letter finds you well. I am writing to request an adjustment to the terms of my loan with [Lender’s Name]. I am currently facing financial difficulties due to unexpected circumstances, and I believe an adjustment to the loan terms would help me manage my repayments more effectively.
I entered into a loan agreement with [Lender’s Name] on [Loan Agreement Date] for a principal amount of [Loan Amount]. The loan was intended for [purpose of the loan]. While I have been diligently making my monthly payments, recent circumstances have made it challenging for me to continue doing so without incurring significant financial strain.
I would like to propose the following adjustments to the loan terms to alleviate my current financial burden:
Loan Repayment Schedule: I kindly request an extension of the loan repayment period. This extension would provide me with the necessary breathing space to meet my financial obligations without defaulting on the loan. I propose extending the loan term by [proposed extension period].
Interest Rate Modification: Given my financial hardship, I would appreciate a reduction in the interest rate on the loan. A lower interest rate would help reduce the overall cost of the loan and make it more manageable for me to meet my monthly payments.
Monthly Payment Adjustment: In order to make the loan more affordable, I would like to request a reduction in my monthly payment amount. By lowering the monthly installment, I will be able to comfortably meet my financial obligations without compromising my other essential expenses.
I understand that any adjustments made to the loan terms will require careful consideration and evaluation. To support my request, I have enclosed the necessary financial documents, including bank statements, pay stubs, and any other relevant information that demonstrates my current financial situation.
I genuinely value the professional relationship I have with [Lender’s Name], and I am committed to fulfilling my financial obligations. However, the current circumstances have created unforeseen challenges that I am earnestly seeking assistance with.
I kindly request that you review my situation and consider the proposed loan adjustments. I am open to discussing the possibilities and finding a mutually beneficial solution. I am confident that with your understanding and support, we can arrive at a revised agreement that allows me to successfully repay the loan while managing my financial difficulties.
I would appreciate a prompt response to my request. You can reach me at [Your Phone Number] or [Your Email Address] to discuss further details or to schedule a meeting.
Thank you for your attention to this matter. I look forward to hearing from you soon.
Loan Adjustment Letter
Detail of you and date and time
It is in reference to your letter No.BOP/THR/023 Dated January 10, 2023, regarding the above-cited subject.
We are regularly adjusting the markup against the available facility of the loan. Since July 20, 2007, we have given you a markup amounting to Rs. 2, 3235565. Please adjust the markup amounting to Rs. 22325 against our cheque deposited in our account, and we will adjust the remaining markup for the quarter ending December 31, 2008, within the next seven days.
On July 20, 2007, we had a total outstanding loan liability of Rs. 11,4982125 payable to you. Still, we have given an adjustment amounting to Rs. 2,778,138.
As you know, the markup rates have increased too much, and such high financial charges are a heavy burden on the cash flow of every company. So to eliminate such heavy markup charges, we are determined to adjust the outstanding loan amount as early as possible. We assure you that we will adjust the outstanding balance of the loan facility within the next nine to ten months.
Thanking you, we remain.
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