These are sample easy formats for bank to reduce interest rat on different reason. Everyone can use these formats according to need. Necessary changes can be done.
Sample Request Letter to Bank for Reducing Interest Rate
To,
Mr. Manager,
Atom and Sundry Bank System,
Texas, United State of America.
Subject: Requesting the bank for reducing interest rate on housing loan
Respected Sir,
It is to state with much care and respect that I am Mr.Lorre Layman and I am here with a purpose. I have an account here in this branch and two years ago, I had applied for the home finance loan. The amount was $7000 on interest ratio of 5 % that was agreed upon by both the parties, but yesterday the cashier asked me to pay the extra 5 % as bank had increased the interest rate from 5 to 10 %! I am a salaried person and it is nearly impossible for me to pay this much amount in ratio to interest. Kindly reduce the interest rate and make me thankful.Thank you and looking forward for a kind action.
Yours Sincerely,
Mr. Lorre Layman,
Sample Letter to Bank requesting Reduction of Interest in Loan
Format 1: Formal Request Letter
[Date]
[Bank Name]
[Bank Address]
[City, State, ZIP Code]
Dear Sir/Madam,
I am writing to request a reduction in the interest rate on my [loan type] with your esteemed bank. Due to [briefly explain the reason for financial hardship or challenges], I am currently facing difficulties in meeting my financial obligations. As a loyal customer with a good repayment history, I kindly request your consideration in lowering the interest rate on my loan.
I believe that a reduction in the interest rate would significantly ease my financial burden and enable me to continue making timely repayments. I am committed to honoring my loan agreement and appreciate any assistance your bank can provide during this challenging time.
Thank you for your attention to this matter, and I look forward to a positive response from your end.
Sincerely,
[Your Name]
Format 2: Semi-Formal Request Letter
[Date]
[Bank Name]
[Bank Address] [City, State, ZIP Code]
Dear [Bank Manager’s Name],
I hope this letter finds you well. I am writing to discuss the possibility of reducing the interest rate on my [loan type] with your bank. Over the past [mention the duration of your loan], I have diligently met my repayment obligations. However, unforeseen circumstances, such as [briefly explain the circumstances], have made it challenging for me to continue doing so at the current interest rate.
I kindly request your assistance in exploring options to lower the interest rate on my loan. This adjustment would greatly ease my financial situation and allow me to maintain a good repayment track record. I value my relationship with your bank and believe that this adjustment would be mutually beneficial.
I appreciate your consideration of my request and look forward to discussing this matter further with you.
Sincerely,
[Your Name]
Format 3: Informal Request Letter
[Your Name]
[Your Address]
[Date]
[Bank Name]
[Bank Address]
Dear [Bank Manager’s Name],
I hope you’re doing well. I wanted to talk to you about my [loan type] with your bank. Lately, I’ve been facing some financial challenges due to [briefly explain the reason]. This has made it tough for me to keep up with my current interest rate.
I was wondering if there’s any possibility of reducing the interest rate on my loan. I’ve been a loyal customer for quite some time and have always made my payments on time. A lower interest rate would really help me manage my finances better during this tough period.
I’d greatly appreciate it if we could discuss this further and explore any available options. Thank you for your time and consideration.
Sincerely,
[Your Name]
Request to the Bank for Reduce Interest Rate on Overall Plans
To,
Mr. Regional Head,
Amen and Sundry Bank System,
Texas, United State of America.
Subject: Requesting for reducing interest rate on overall plans
Respected Sir,
It is to state with much reverence that I am Mr. Martin Layman. I was the banker myself few years ago, now I am a retired buddy and trying to open up my own private banking system. My effort of trying the bank was successful and just for two reasons. The reasons are:
provision of flexibility in paying the loan and reducing the interest rate up till 2 %. The scheme worked and now I have 30,000 customers at my bank. I am attached with this bank and I want you people to land on progress as well so I request you to reduce the interest rate on your all plans. I hope you understand my sincerest suggestion. Thank you and looking forward for a generous and prompt action.
Yours Truly,
Mr. Martin Layman,
Sample Letter of requesting the bank to Reduce Interest Rate on Car Loan
To,
Mr. Manager,
Alan and Sundry Bank System,Texas, United State of America.
Subject: Requesting the bank to reduce interest rate on car loan
Respected Sir,
It is to state with due respect and honor that I am Mr. Yew Layman. I am having an account of mine in this prestigious bank and few months back, I had applied for a bank loan for the purpose of getting my own car. The amount was generously given to me that made me happy, but the sudden rise in interest rate is rather shocking for me. I am unable to pay this much interest ratio so, kindly reduce the interest rate on car loan. I am looking forward for a kind and prompt action. Kindly see to this matter on personal level and make me thankful.
Warm Regards,
Mr. Yew Layman.
9th September, 2019.