Loan Application letter
A loan application letter is a letter submitted by an individual or a company that requires financial assistance. The letter has to clearly state the reason why the loan is needed and the amount that is required. Such an application letter is usually submitted to a financial agency or an institution like a bank that would consider the viability of loan to the applicant.
Through this letter, the person or company that requires the loan is needed to provide the valid details like PAN number, SSN ID or other details requested by the bank or the financial agency, so that they will go for a bank ground check and civil score check. If only the reason is valid and so the details, the bank will progress for the next step of processing the loan application. So the letter has to well-written after much though and should strictly be formal in tone.
The following is a sample of a loan application letter
2100 Honey Street,
Maple Falls, WA 97336,
8 February 2016
Top Loan Financing Services,
453 Dandy Drive,
Mauston, WI 50008.
Subject: Loan Application
I, Janice Kelly, write this letter to express my interest and need for a loan. I would like to make a loan application of $10,000 to start my bakery business.
Presently, I am working from home and I have gained quite a number of regular clients, who have been making frequent requests for an outlet that would make it more convenient for their orders of my delicious cakes. So, I have identified a suitable and moderately priced location on Southern and Fist streets. I have computed an estimated amount of $15,000 for the renovations and a year rental.
I currently have my cash flow to cater to the machinery and ingredients that can sustain the store for nine months. I also want to develop my bakery once the business gets stabilized for which I would require some huge amount. I have enclosed my business proposal and all the required details for your kind perusal and advice. I have also attached few detailed photographs of the Cake fest that was organised by the Let’s bake Pvt Lmt where I have participated and won the second winner prize.
I hope to hear from you soon with regards to my loan application. Kindly let me know if you need any further details to process my application.
Thank you so much in Advance. Kindly do the needed favour.