You can apply for a loan simply by filling out the loan application letter of any specific bank. However, if the specific company asks you to write a letter, then you may have to come up with a formal letter that is persuasive enough to convince the bank to get the money you require for personal use, building a house or buying a car. The bank is interested to know if you are creditworthy, whether you will be able to return the loan on time or not. The best possible way to impress the organization is to keep the letter simple, short, to the point and to put down the amount you want for the specific purpose.
Below is an example Agreement letter for Loan Payment that you can modify to suit your needs:
November 23, 2010
1145 North East Street,
Los Angeles, California
Manager- Credit Division
Sky Bank Limited
929 South Mint Street,
Los Angeles, California,
Dear Ms. Laura
Following my visit to the Sky Bank Limited yesterday, I would like to thank you for considering my documents for loan payment. I have been one among the loyal customers of your bank for last three years. I am planning to buy a commercial property and I will utilize the loan in it. I have gone through each of the terms and conditions of the loan payment and I agree with all of them.
If I will be able to get this amount from your company, it will help me in buying the commercial property as well as furnishing it. If you kindly sanction the amount, I will be thankful to you and will be in a position of buying the commercial property that I have selected. With your financial support, I can start my own new business. I will be paying all the installments on the first of every month. I have a good credit history, so getting a loan will not be a problem as there are no problems of debts. The photocopies of my salary slips, social security number card, commercial property agreement, and business plan are attached to this letter for your perusal.
If you have any queries, you can contact me on 0091 123 345 or email me at Clare.Goodley000@hotmail.com.
Looking ahead for your kind response.
April 21, 2008
Cactus Bank Limited,
3239, Truner Lane,
Kansas City, Missouri 64105
5482, Ipolet Road,
Gratot, MP 549
As per our telephonic conversation, I am writing an agreement letter for the loan payment that I propose to take from Cactus Bank Limited. I need the loan to buy an apartment for my family.
I have thoroughly checked the available options and have decided to get the loan from your bank. In addition to that, according to my calculations, I will be able to pay off the loan faster as it a short-term loan.
I am currently employed as an administrator at Baboo Food Industries. I have been working for this prestigious company for the past 10 years. Feel free to contact the company and verify that I work there as a permanent employee. You can contact the HR Department of the organization at telephone number 001819 626 23.
I have attached the copies of bank statements for the previous 3 months as well as an income and expenditure breakdown, which shows how much I have left over each month. I plan to use some of this money for paying all the installments on time.
I will be obliged if you could sanction the loan of $9000 for a period of five years. I agree with all the terms and conditions of your bank. The signed copies of the agreement are attached to the letter.
I am waiting for a positive response, which will help me in fulfilling my dream of owning my own apartment.