Hello friends, welcome to INFOFRIENDLY.COM. Today we will know How to write an application to reduce the loan amount in your bank. If you have taken a loan and you are not able to repay the loan amount (EMI) yet. So you should inform your bank requesting you to extend the loan tenure or reduce the loan EMI through a letter.
If the bank manager is convinced after reading your letter, he can extend your loan tenure or reduce the loan EMI. This is called ‘loan restructuring’. A loan restructuring application is a formal way to request a loan modification.
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Application for reduce the loan amount
To,
The Branch Manager
[Bank name]
[Name of Branch]
[Your city or Town Name]
Subject: To extend the tenure of education loan.
Respected sir/ Madam,
I want to bring to your kind attention that I (your name) holding a bank account number (your bank account number) in your branch (your current branch name). I feel very sorry to inform you that I am not able to pay the monthly installment of your loan as of now as the financial condition of my house is not good yet. My grandmother’s condition is not good, for her treatment, along with medicines etc., it is becoming difficult to meet other expenses together.
So, I request you to reduce my monthly installment payment or increase the loan tenure so that I can get more time to repay the loan amount. I hope you understand my home status will accept my request.
yours sincerely,
[Your name]
[Account Number]
[Mobile Number]
[Your Signature]
Example: Application for reduce the loan amount.
To,
The Branch Manager
State bank of India
Mulavukad
Mulavukad, Kochi, Kerala
Subject: To extend the tenure of education loan.
Respected sir/ Madam,
I want to bring to your kind attention that I Akash Kumar holding a bank account number 203130XXXX in your branch Mulavukad. I feel very sorry to inform you that I am not able to pay the monthly installment of your loan as of now as the financial condition of my house is not good yet. My grandmother’s condition is not good, for her treatment, along with medicines etc., it is becoming difficult to meet other expenses together.
So, I request you to reduce my monthly installment payment or increase the loan tenure so that I can get more time to repay the loan amount. I hope you understand my home status will accept my request.
yours sincerely,
Akash Kumar
Account no: 203130XXXX
Mobile no: 947561XXXX
[Your Signature]
Paper: Application for reduce the loan amount.
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