application letter for loan repayment

Loan Repayment Letter Sample: Free & Effective

Drawing on years of experience writing loan repayment letters, this article provides a comprehensive guide and customizable template to enhance your communication, ensuring clear loan status and positive lender relations.

Key Takeaways

• What You’ll Learn: The essentials of drafting a loan repayment letter that is clear, professional, and effective.
• Why It Matters: A well-written loan repayment letter can help maintain a positive relationship with your lender and ensure clarity about your repayment status.
• Personal Tips: Insights from my experience on making your letter stand out and effectively communicate your message.
• Template Included: A simple yet powerful template to get you started, customizable to your specific needs.

Step-by-Step Guide to Writing a Loan Repayment Letter

Step 1: start with your information.

Begin your letter by clearly stating your name, address, and any other contact information at the top. This ensures the lender knows who the letter is from and how to contact you if necessary.

Step 2: Include the Date and Lender’s Information

Directly below your information, write the date of the letter. Following that, add the lender’s name and address. This formalizes the letter and directs it appropriately.

Step 3: Reference Your Loan

Start the body of your letter by referencing your loan. Include any relevant details such as the loan account number, the type of loan, and any other identifiers. This helps the lender quickly locate your account and understand the purpose of your letter.

Step 4: Detail Your Payment

Clearly state the amount you’ve paid towards the loan and the date of payment. If applicable, mention the method of payment (e.g., check, bank transfer) and any transaction reference numbers.

Step 5: Express Your Intentions

Briefly outline your intentions regarding future payments or any requests you have concerning the loan terms. This shows your commitment to repaying the loan and any considerations you wish the lender to make.

Step 6: Close with a Thank You and Signature

Conclude your letter by thanking the lender for their understanding and cooperation. Sign off with a formal closing, such as “Sincerely,” followed by your signature and printed name.

Personal Tips from Experience

• Be Concise but Detailed: Ensure your letter is straightforward and to the point but includes all necessary details about your payment and loan.
• Proofread: A letter free of typos and grammatical errors reflects well on your professionalism and attention to detail.
• Keep a Copy: Always keep a copy of the letter for your records. This can be crucial for tracking your repayment history.

Real-Life Example

In my experience, a well-timed and clearly articulated loan repayment letter can turn a potentially tense situation into a positive exchange. 

For instance, after sending a detailed repayment letter for a personal loan, I received a response from the lender appreciating my transparency and offering a flexible repayment plan for future installments.

Template for a Loan Repayment Letter

[Your Name] [Your Address] [City, State, Zip] [Email Address] [Phone Number] [Date]

[Lender’s Name] [Lender’s Address] [City, State, Zip]

Dear [Lender’s Name],

I am writing to inform you of my recent payment towards my loan with the account number [Loan Account Number]. On [Payment Date], I made a payment of [Payment Amount] via [Payment Method]. The transaction reference number is [Transaction Number].

I am committed to repaying my loan and intend to continue making regular payments as per our agreement. Please find enclosed [any additional documents or proof of payment].

Thank you for your attention to this matter and your continued cooperation.

[Your Signature (if sending by mail)] [Your Printed Name]

Final Thoughts and Comment Request

Writing a loan repayment letter doesn’t have to be a daunting task. With the right structure and personal touches, it can be an effective tool in managing your loans and maintaining good relationships with lenders. 

I hope my insights and tips from years of experience have equipped you to write your own letters with confidence.

I’d love to hear your thoughts and experiences with loan repayment letters. Have you found a particular strategy effective? Any challenges you’ve faced? Please share your comments below. 

Your feedback not only enriches our discussion but also helps others navigate their financial journeys more smoothly.

Frequently Asked Questions (FAQs)

1. what is a personal loan repayment letter.

Answer: A personal loan repayment letter is a formal letter written by a borrower to a lender, indicating the intention to repay a personal loan. The letter typically includes details such as the loan amount, repayment terms, and a promise to repay the loan according to the agreed terms.

2. Why is a Personal Loan Repayment Letter important?

Answer:  A personal loan repayment letter is important because it serves as a formal record of the borrower’s commitment to repay the loan. It also helps establish clear communication between the borrower and lender, and provides a reference point if there are any disputes or misunderstandings about the loan repayment terms.

3. What information should be included in a Personal Loan Repayment Letter?

Answer:  A personal loan repayment letter should include the following information:

• The loan amount
• The loan repayment terms
• The loan repayment schedule
• The borrower’s contact information
• A promise to repay the loan according to the agreed terms

4. How should a Personal Loan Repayment Letter be formatted?

Answer:  A personal loan repayment letter should be formatted as a formal business letter, with a clear and professional tone. It should include a heading with the borrower’s address and the date, followed by the lender’s address.

The body of the letter should clearly state the purpose of the letter, and include all relevant details about the loan repayment. The letter should end with a closing, followed by the borrower’s signature.

5. Is a Personal Loan Repayment Letter legally binding?

Answer:  A personal loan repayment letter is not a legally binding document

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How to Submit an Income-Driven Repayment Application

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

You’ll need to submit an income-driven repayment application at studentaid.gov or download a paper request form and submit it to your servicer (the company that sends you a bill every month).

Applying for income-driven repayment online is typically faster and easier than submitting a paper form; the Federal Student Aid office estimates the process takes 10 minutes or less.

The application is available on the Federal Student Aid website. You’ll be able to access your tax records and receive a confirmation email after submitting.

You can temporarily self-report income

You can self-report your income until six months after forbearance ends — until roughly March 2024 — according to the latest Education Department guidance.

That means you don't have to submit tax documentation when you report your income. This can be completed online when you submit the IDR application.

What you'll need to apply for income-driven repayment

To apply online, you’ll need to log into your account using your FSA ID . All applicants (online or paper) will need to provide personal information, such as:

Email address.

Phone number.

The application also requires you to provide financial information, such as:

Your family size.

Most recent federal income tax return or transcript. (The IDR Data Retrieval tool will link your tax information directly to your application.)

Information about your spouse’s income if you filed taxes jointly.

If you didn’t file taxes or your income has changed since your most recent tax return, you’ll typically need to submit proof of income earned within the last 90 days, such as:

Letter from your employer stating your gross pay.

Signed statement explaining your income, if formal documentation is unavailable.

If you’re unemployed and receiving unemployment benefits, you’ll still need to submit proof of unemployment income. If you don’t have any income, you can self-certify as such on the application.

Once you fill in the application, you'll see which repayment plans you qualify for. You'll select one, then confirm all the information you supplied is accurate and sign the application.

» MORE: Q&A: The new IDR account adjustment

What happens after you apply for income-driven repayment?

Once you submit your application, your servicer will confirm receipt via email or letter. It’ll also put your loans into a payment pause, called a forbearance, while your application processes. You don’t need to make any payments during this time, but interest will accrue and be added to the amount you owe when you start repayment.

It takes around four weeks for servicers to process IDR applications after they're received, Secretary of Education Miguel Cardona said in an August press briefing.

When your application process is complete, you’ll receive a new bill with the amount you now owe and payment will restart.

» NEWS: Student debt canceled for 804K longtime borrowers

Submit recertification information every year

Applying for income-driven repayment is not a one-and-done application process. You’ll typically need to recertify every year. Otherwise, your payments will revert back to the standard repayment plan, and that could mean a bigger monthly bill.

Your student loan servicer will let you know when you need to recertify well before the deadline.

You’ll have to recertify similarly to when you first applied using the same form on studentaid.gov or by submitting a paper form to your servicer. You’ll need to provide the same information you submitted when you first applied. Due to the payment pause, the earliest you'd have to recertify is March 1, 2024.

If you're on the new IDR plan called SAVE , recertification will happen automatically starting in July 2024. As long as you agree to disclose of your tax information, your servicer and the Department of Education will automatically reenroll you each year. You'll get a notification when this happens, including potential payment amount changes, and you can still manually recertify if you prefer.

» MORE: Everything you need to know about SAVE, the new IDR plan

If you need help applying, contact your servicer

Your servicer can help you through the process of applying for or recertifying income-driven repayment.

Third-party sources that ask for money to get you enrolled are often a student loan scam . There is never a fee to process an income-driven repayment application, and you never need to pay anyone to apply on your behalf.

» MORE: Student loan customer servicer: What your servicer can do

On a similar note...

Published In: Applications

How to Write a Loan Application Letter (with Samples)

Sometimes we need financial assistance to push through with our business idea, education, medical emergencies, or any other personal project or goals that require a huge amount of money for its realization. Basically, it is for this reason that banks and other money lending institutions exist.

Applying for a loan from any lending institution requires the applicant to first fill out a form.  Along with this form, the applicant can attach a loan application letter that provides more details on what he/she intends to do with the money and an overview of how the loan will be paid.

As a loan applicant, you need to learn how to write the loan request letter in a polite and convincing tone to appeal to your lender for your loan to be granted successfully.

What is a Loan Application Letter?

A Loan application letter is a document that informs the financial lending institution of the amount of money you are asking for, a clear outline of what you intend to do with the money, and convinces the bank why you are a good investment risk. Because it is a request, a loan application letter should be written in a polite tone, short and to the point.

The Loan Application Process

Based on the financial institution you choose, the process and time it takes for you to receive funding may vary. However, the typical loan application process may take on the following critical stages:

Pre-qualification stage

Prior to the loan contract, the potential borrower receives a list of items that they need to submit to the lender for them to get a loan. This may include Identification proof, credit score, current employment information, bank statements as well as previous loan statements.

Immediately this information is submitted, the lender reviews the documents and makes a pre-approval- meaning the borrower can move on to the next phase of the loan application process.

Loan application

In the second phase of the loan origination process, the borrower fills-in the loan application form either electronically- through mobile apps, websites, or paper-based. The data collected is then tailored to specific loan products.

The aspects that are included in the loan application form include the following;

The payment method- if it will be personal, through a check, or via online banking.

The payment frequency- There are several payment frequency methods, for example, Monthly installments, annually, or if the loan will be paid once.

The amount of interest accumulated on the loaned amount. This is the amount of money charged by the lender to the borrower on top of the amount which he/she has loaned.

The assets in the form of properties of the borrower will serve as collateral damage/guarantees in case the borrower defaults loan repayment or is unable to make his payments as per the agreed time.

Application processing

Once the application is received by the credit department, it is reviewed for accuracy, genuineness, and completeness.  Lenders then use Loan Originating Systems to determine an applicant’s creditworthiness.

Underwriting process

This process only begins after an application is totally completed. In this stage, the lender checks the application in consideration of various accounts, such as an applicant’s credit score, risk scores, and other industry-based criteria. Today, this process is fully automated using Rule Engines and API integrations with credit scoring engines.

Credit Decision

Based on the results from the underwriting phase, the lender makes a credit decision. The loan is either approved, denied, or sent back to the originator for additional information. If the criteria used do not match with what is set in the engine system, there is an automatic change in the loan parameters, for instance, reduced loan amount or a different interest rate on the loaned amount.

Quality Check

Quality check of the loan application process is very critical since lending is highly regulated. The loan application is then sent to the Quality Control Team to analyze critical variables of the loan against internal and external regulations on loans. This is often the last step of the application process before funding is approved.

Loan funding

Once the loan documents are signed by both the borrower and the lender, funds are released shortly after. Nevertheless, business loans, loans on properties, and second mortgage loans may comparatively take more time to be approved due to legal and compliance reasons.

Essential Elements of a Loan Application Letter

Now that you have already understood the complex loan application process, it is important that you know the critical points to include in your loan request letter to convince your lender to give you a business loan.

Here is how to effectively write a loan application letter:

Header and greetings

The first and most important element of your business or personal loan application letter should be a header and an appropriate greeting.

In your header, include the following details:

• Your business names
• The physical address of your business
• Business telephone and cell phone numbers
• Lender’s contact details
• Lender’s or Loan Agent’s Name and Title
• A subject line stating the loan amount you are requesting for.

Once you have written your header, include a friendly but professional greeting to start off your loan application letter in a cordial tone.

Business Loan Request Summary

The body of your business or personal loan request letter should start with a brief summary of your loan request amount, why you need the loan, your basic business information, and why you are an ideal risk investment for the lender. This section should be brief and concise. Only include the relevant information to capture your loan agent’s interest and keep them reading the body of your loan application letter.

Basic Details about your Business

Ideally, this is the third paragraph of your loan application letter. Use a few short and concise sentences to give a clear outline of your business.

Be sure to include the details below:

• The legal name of your business and any DBA that your business uses
• Your business structure- if it is a corporation- partnership, individually owned, etc.
• A summary of what your business does.
• How long your business has been operational
• Total number of employees
• A brief description of your current annual revenue

Once you have provided your basic business information, it is time to write the meat of your business loan request letter- clearly explaining why you need the business loan and how you intend to recuperate the investment.

The purpose of the business loan

In the fourth paragraph of your loan application letter, explain succinctly how you will use the business loan. Additionally, tell the lender why your intended use of the business loan will be a wise business investment.

While detailing this section, be as specific as possible and demonstrate to the lender that you have carefully considered the kind of revenue generation this new debt will accomplish for your business. for instance, don’t just say that you intend to use the loan for working capital. Rather, say that you plan to increase your inventory by 45% or that you need to increase your Human Resources to 4 to generate more income by 6%.

In the same paragraph, inform the lender exactly how the loaned amount will help generate more profits necessary to cover repayment plus the interest accumulated on loan.

Proof that you’ll be able to fully repay the loan

In this section, you need to demonstrate to the lender that you can pay back the loaned amount together with interest as per the agreed repayment period. You will want to use any figures from your latest income statements or balance sheets to prove your business is financially healthy and that it is a low-risk investment decision for your lender. In case you have other existing debts, be sure to mention them and include a business debt schedule if possible. If your business is profitable, highlight that in your letter since it something that most lenders pretty much look for in successful loan applicants.

In addition to that, consider including specific cash flow projections to demonstrate to your lender how you plan to fit repayment of the loaned amount plus interest into your budget.

Sample: Loan Application Letter

Sample 1: business loan application letter.

Samira Mitchell,

Mitchell Face Masks Limited,

4680 Forest Road

939, New York.

January 17, 2021

Mr. Wesley Kingston

Guarantor Trust Bank

679, New York State

Ref: Loan Request for $10,000

Exactly two years ago, I started my small face mask vending business in our local market. Over the last two years, my business has picked up really well to an extent where I need to expand to a bigger face mask vending company.

It is for this reason that I am writing this letter. I am confident that there is a great market niche for face masks, especially due to the current worldwide Novel Covid-19 Pandemic. Thus far, I have had many repeat customers, new customer links through referrals, and my client base has grown rapidly. Generally, there is an increase in demand for my products; therefore, I am requesting for a loan amounting to $10,000 to be able to supply more and satisfy all my clients.

This money, along with the amount that I have saved up from my profits, will enable me to lease a large, modern storefront and to import supplies that will help me launch my business plan.

I have attached my business plan, my latest business balance sheets, current business schedules, as well as my credit history statements for your perusal and review. If you have any questions or need any further clarifications, please contact me directly on (111) 345 679 or email me at Mitchel.facemasksltd.co.ke. Thank you for your consideration.

Samira Mitchel.

Sample 2: Personal Loan Application Letter

Dear Michael,

It is common for everyone to face difficult situations and bitter realities in life. I am currently facing a situation where everything seems bleak, and there seems to be no way out of this difficult situation. I am in debt, and I need to pay at least 30% of my house’s mortgage will be taken over by the bank, and I am currently ailing and weak, I’ll not be able to survive such a nervewrecking situation.

The only way I can avoid such a fate is by paying the full amount that is needed by the bank. I can be able to do so if I am allowed to take out a loan from the office, which is a privilege that the company has granted to all the employees. I would be thankful if the company allows me to borrow the money against my monthly pay.

Mr Brandon Brown

Do’s and Don’ts of Writing a Loan Request Letter

A loan application letter may increase or break your chances of receiving funding from any lending institution. This is because it is the first thing that lenders look for in the underwriting process when you submit an application. That said, you must know the dos and don’ts of writing a winning loan request letter to help you receive the funding that you really need.

• Check your personal and business credit scores before sending a loan request letter and take the necessary steps to improve them.
• Have all your financial statements ready, including cash flow statements, business balance sheets, P$L statements, etc
• Make sure to submit all your relevant credentials along with your loan application request letter.
• Always provide the correct and factual information to avoid fraudulent consequences.
• Don’t make your letter too long and unnecessarily wordy
• Don’t use an informal format while writing the loan application letter. Instead, follow the proper rules on writing formal letters
• Don’t include any false information in your loan request letter- be it your business’s current financial health, assets, and liabilities that may be used as collateral damage in case you default payment or why you need the money.

Things to Remember When Writing a Loan Application Letter

Generally, you should always consider the following essential tips if you want to write a winning loan application letter:

• The loan application letter is a formal document. Therefore, observe the proper rules of writing a formal letter.
• Clearly state your intent to borrow a given amount of money
• Provide a vivid but brief description of why you need the money. Your explanation should be concise, genuine, and transparent. While at it, explain how you plan to use the loaned amount and be very sincere about it.
• Explain why your business is a low-risk investment decision for the lender.
• Enumerate your assets and liabilities
• Include the time, date, manner, and method that you will use to make your payment.

Free Loan Application Letter Templates

Are you looking to get some financing for your business or personal emergency? Download our free, well-crafted Loan application letter templates to help you customize your loan request letter. Our Templates includes all the critical elements of a winning loan request letter that will successfully help convince your lender to grant you the funding you need. Download our templates today to help you get started!

Collateral is defined as something that helps secure a loan. Generally, based on the type of lending institution you pick, the lender will give you less than your pledged asset value. Lenders every so often quote an acceptable loan to value ratio, meaning that if you borrow against your house, for example, and it worth $400,000, you will be given a loan amounting to $380,000. Again, this depends on the bank.

The prepayment penalty is a fee that some lenders charge if you pay off all or part of your loan before the loan’s maturity date. These do not usually apply if you pay extra principal on your loaned amount in small amounts at a time. However, it is good that you counter check with your lender.

Every lender follows a different criterion to approve a business or personal loan. The application process depends on several factors; therefore, the time taken to receive funding in your account may take anywhere from a few minutes to several days. This depends on the type of institution you choose and the type of loan you are asking for.

Acquiring a loan is sometimes a necessity in one’s business or personal life.  Nonetheless, it is not always easy to get a loan as lenders are wary of granting loans due to loan repayment defaults and fraudulent borrowers. This article has provided you with great insight on loan application letters, the loan application process, essential tips for writing a winning loan application letter, and the dos and don’ts of writing a convincing loan request letter. If you keep these things in mind every time you are thinking of applying for a loan, you are sure to get the funds you need to ensure the smooth running of your business and sort any personal emergency that may come your way.

Related Documents

• Bank Loan Repayment Letter Format

These templates serve various purposes related to bank loan repayment correspondence. The first template offers a standard loan repayment acknowledgment letter, ensuring clarity and documentation of a successful repayment. The second template is designed for borrowers seeking an extension on their loan repayment schedule due to unforeseen financial difficulties. The third template addresses borrowers who intend to make prepayments on their loans, seeking guidance on the process and implications. Finally, the fourth template provides a confirmation letter from the bank to borrowers, acknowledging the receipt of loan repayments and offering assurance of accurate record-keeping and balance updates. These templates can be tailored to meet individual needs in various loan-related scenarios.

Template Standard Loan Repayment Acknowledgment:

[Your Name] [Your Address] [City, State, ZIP Code] [Date]

[Bank Name] [Bank Address] [City, State, ZIP Code]

Dear [Bank Name],

I am writing to confirm the repayment of my loan with account number [Loan Account Number] in the amount of [Loan Amount]. The payment was made on [Date of Payment] through [Payment Method], and the transaction reference number is [Transaction Reference Number].

I kindly request you to update my loan account status to reflect the cleared balance, and I would appreciate receiving a written confirmation of the same for my records.

Thank you for your prompt attention to this matter.

[Your Name]

Template Loan Repayment Extension Request:

I am writing to request an extension for the repayment of my loan with account number [Loan Account Number]. Due to unforeseen circumstances, I am currently facing financial difficulties, and I am unable to meet the originally agreed-upon repayment schedule.

I kindly request an extension of [Proposed Extension Duration], which will allow me to better manage my financial situation. I understand that this may result in additional interest charges, and I am willing to discuss the terms and conditions associated with this extension.

Please let me know the process and any necessary documentation required to proceed with this request.

Thank you for your understanding and cooperation.

TemplateLoan Prepayment Letter:

I am writing to inform you of my intention to make a prepayment on my loan with account number [Loan Account Number]. I wish to reduce the outstanding balance and potentially shorten the loan term.

Please let me know the procedure for making a prepayment, any penalties or charges associated with it, and how this will affect my future repayment schedule.

Thank you for your assistance in facilitating this prepayment.

Template Loan Repayment Confirmation Letter:

[Bank Name] [Bank Address] [City, State, ZIP Code] [Date]

[Your Name] [Your Address] [City, State, ZIP Code]

Dear [Your Name],

We are writing to confirm the receipt of your loan repayment made on [Date of Payment]. The payment in the amount of [Loan Amount] was successfully processed and credited to your loan account with account number [Loan Account Number].

Your loan balance has been reduced accordingly. If you have any questions or require further information regarding your loan account, please do not hesitate to contact our customer service team at [Bank Customer Service Number].

Thank you for choosing [Bank Name] for your financial needs.

[Bank Representative Name] [Bank Representative Title]

We are delighted to extend our professional proofreading and writing services to cater to all your business and professional requirements, absolutely free of charge at Englishtemplates.com . Should you need any email, letter, or application templates, please do not hesitate to reach out to us at englishtemplates.com. Kindly leave a comment stating your request, and we will ensure to provide the necessary template at the earliest.

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Loan Repayment Application Letter

December 15, 2050

Elijah Brown

505 Oak Road, Unit 23

Brookside, FL 33125

Dear Elijah Brown,

It has come to our attention that your loan repayment period has now exceeded the agreed-upon timeframe. We acknowledge the potential difficulties you may encounter, but we urge you to schedule these payments as soon as possible.

Your prompt attention to this matter will clear your outstanding balance with us and improve your credit score, which is crucial for your future financial transactions. We, your financial partner, are keen to work with you to ensure a smooth and stress-free loan repayment process.

Should you need to discuss alternative payment plans or any other issues, please do not hesitate to contact our loan repayment department. We appreciate your immediate response to this matter. Thank you in advance for your cooperation.

Clara Kirkland

Credit Manager

Unity Loan Co.

Free Loan Application Letter Templates @ Template.net

• Bureaus and Offices
• Contact HRSA
• Loan Repayment

NHSC Loan Repayment Program

The NHSC Loan Repayment Program is accepting applications through May 9, 7:30 p.m. ET.

• Read the  2024 NHSC Loan Repayment Program Application and Program Guidance (PDF - 597 KB) . It has the information you need to know about the application. Review our definitions (PDF - 172 KB) to clearly understand the APG content.
• Check out our  LRP application checklist (PDF - 1 MB)  for all the documents needed to submit a complete application.
• Compare the three loan repayment programs to determine which one is right for you.
• Know the dates for application submission and employment. See Important dates on this page .

New this year

• We’ve increased the award amounts up to $75,000 for full-time and up to $37,500 for half-time participants who are physicians, nurse practitioners, nurse midwives and physician assistants providing primary care services.
• We’ve added a $5,000 award enhancement for clinicians who demonstrate Spanish-language proficiency. For details, see New Award for Spanish-Language Proficiency on this page.

Start your application

• If you do not have one, create a  Bureau of Health Workforce Customer Service Portal account.
• If you have a  BHW Customer Service Portal account , select Applying for the NHSC Loan Repayment Program  at the top of the page and log in.

Get help with your application

All webinar and Q&A sessions are in Zoom.

• Watch our NHSC LRP Application Assistance Webinar - April 2, 2024
• NHSC LRP Application Q&A Session 2 , Wednesday, April 10, 2024, 10 a.m. – 2 p.m. ET
• NHSC LRP Application Q&A Session 3 , Wednesday, April 17, 2024, 1 – 5 p.m. ET
• NHSC LRP Application Q&A Session 4 , Wednesday, April 24, 2024, 10 a.m. – 2 p.m. ET
• NHSC LRP Application Q&A Session 5 , Monday, May 1, 2024, 1 – 5 p.m. ET
• NHSC LRP Application Q&A Session 6 , Monday, May 8, 2024, 10 a.m. – 5 p.m. ET

Spread the word

Use our toolkit resources to share the open application news with your network on your social media accounts.

Licensed primary care clinicians in eligible disciplines can receive loan repayment assistance through the NHSC Loan Repayment Program.

In exchange for loan repayment, you must serve at least two years of service at an NHSC-approved site in a  Health Professional Shortage Area (HPSA) .

Maternity Care Target Areas

In addition to awarding loan repayment program participants in HPSAs, we also will use designated Maternity Care Target Area (MCTA) scoring to distribute maternity care health professionals. MCTAs are located within primary care HPSAs.

Maternity care health professionals are obstetricians/gynecologists, family medicine physicians who practice obstetrics on a regular basis, and certified nurse midwives. Maternity care health professionals will be awarded using either the primary care HPSA or the MCTA score of their site, whichever is higher.

Award increase for primary care providers

In 2024, we have increased the award amount for physicians, nurse practitioners, certified nurse midwives, and physician assistants who provide primary care services in high-need communities (located in a primary care HPSA) to address the critical shortages of these practitioners.

The increased award amounts are:

• Up to $75,000 for a full-time, two-year service commitment
• Up to $37,500 for a half-time, two-year service commitment

If you are in an eligible discipline but you provide mental or behavioral health care services, you will not be eligible for the increased award amount. Instead, all other providers eligible for an NHSC award will receive up to $50,000 of support for a full-time, two-year service commitment.

Remember, all two-year loan repayment program participants can apply for an NHSC Loan Repayment Program Continuation Contract that may allow you to pay off most or all of your health professional education debt.

Which loan repayment program fits me best?

Compare our  NHSC loan repayment programs  — then choose the right one for you.

On this page:

• Important dates

Determine your eligibility

• Eligible disciplines
• NHSC-approved sites

How to apply

• Review the sections of the application

After you apply

• When we notify you
• Understand your contract and service obligation
• Service You have an opportunity to increase access to primary care services to communities in need.
• Two-year full-time clinical practice at an NHSC-approved site.
• Two-year half-time clinical practice at an NHSC-approved site.

Loan Repayment You will receive funds to repay your outstanding, qualifying, educational loans.

NHSC loan repayment funds are exempt from federal income and employment taxes.

• Full-time service: Up to $75,000 (primary care providers) or $50,000 (for all providers) for a two-year initial term.
• Half-time service: Up to $37,500 (primary care providers) or $25,000 (for all providers) for a two-year initial term.

Note : If you serve in a private practice, you aren't eligible to practice half-time.

• There is no guarantee that you will receive a continuation contract.
• Application launch date: March 19, 2024    
• Application submission deadline: May 9, 2024
• Employment start date: July 18, 2024   
• Scholars service obligation date: July 31, 2024 
• Notification of award: September 30, 2024 
• Contract termination deadline: 60 days from the effective date of the contract or at any time if the individual who has been awarded such contract has not received funds due under the contract.

New award enhancement for Spanish-language proficiency

For the 2024 NHSC loan repayment programs, we aim to address language access barriers to health care. To support this effort, we will provide a one-time enhancement award of $5,000 for a total loan repayment award of:

Primary care participants (physicians, nurse practitioners, certified nurse midwives, physician assistants serving in a primary care HPSA):

• Up to $80,000 for full-time participants.
• Up to $42,500 for half-time participants.

Non-primary care participants (physicians, nurse practitioners, certified nurse midwives and physician assistants specializing in behavioral health serving in a mental HPSA, as well as dentists, dental hygienists, and behavioral health providers):

• Up to $55,000 for full-time participants.
• Up to $30,000 for half-time participants.

Award amounts are based on the outstanding balance of an applicant’s qualifying educational loans. Participants must complete the two-year service obligation regardless of the amount of their award.

Who is eligible for the enhancement?

If you indicated that you have proficiency in Spanish when the application closes, you will receive an email containing a link to a Spanish-language competency assessment. This assessment will be conducted by a vendor approved by the General Services Administration. To be eligible for the award enhancement, your score on the assessment must be three or higher.

Note : If your loans are less than the maximum $75,000 (full-time) or $37,500 (half-time) increased award amounts or the $50,000 (full-time) or $25,000 (half-time) traditional two-year award amount, you will not receive the award enhancement even if you are eligible under the other criteria.

Do I qualify for the NHSC Loan Repayment Program?

You qualify if you meet these requirements:

• A United States citizen (U.S. born or naturalized) or a United States national.
• A provider (or eligible to participate as a provider) in the Medicare, Medicaid, and the State Children’s Health Insurance Program, as appropriate.
• Fully trained and licensed to practice in the NHSC-eligible discipline and state in which you are applying to serve. This page lists eligible disciplines and specialties for primary care, dental care, mental/behavioral health care, and maternity care.
• A health professional in an eligible discipline with qualified student loan debt for education that led to your degree.
• Working at an NHSC-approved site.

New : You can now check your eligibility in the Bureau of Health Workforce Customer Service Portal . After you select Applying for the NHSC Loan Repayment Program on the main portal page, see the Eligibility box at the top of the page.

Are military reservists eligible?

Yes. Find out about specific  guidelines and requirements for military reservists .

Which disciplines and specialties are eligible?

Clinicians who provide patient care under the following disciplines and specialties are eligible to apply to the NHSC Loan Repayment Program.

What is an NHSC-approved site?

An  NHSC-approved  site is a health care facility. It:

• Provides complete outpatient services to people living in Health Professional Shortage Areas (HPSAs).
• Meets NHSC site eligibility requirements and qualifications. 

We guide you through the application and award process:

• Application Process, Requirements, and Guidance
• Selection Factors
• Funding Priorities

Before you apply

It takes three weeks to complete an application . That includes all required and supplemental documentation, and access to a credit report (failure/refusal to unfreeze a frozen credit report will deem your application ineligible).

• Provide answers in your application that match your supporting documents. If they don't, we will reject your application.
• You must submit a legible , complete online application by the application deadline.
• Save each document as a PDF file before uploading to your application. Do not attempt to upload files larger than 5MB, or files saved as TIFF, JPEG, PNG, HEIC, and TXT.  

We will not:

• Accept requests after the deadline to update a submitted application or to submit additional materials.
• Fill in any missing information.
• Contact you regarding missing information.

You must include:

• Online application.
• Required supporting documents.
• Additional supplemental documentation (if applicable).

Application requirements

The following provides an overview of the application requirements. Find our complete set of requirements and instructions in the application and program guidance.

Complete each of the sections below to submit your application.

Eligibility

If you do not pass the initial eligibility screening portion of the application, you cannot continue with the application.

Personal Information

Provide contact information such as your name, social security number, mailing and email addresses, as well as information about individual and family background.

Professional Information

• Discipline, Training and Certification Provide information about your education, training, and licensure/certification.
• Site Search (Employment) You will search for and select the NHSC-approved site(s), where you currently provide or will provide patient care.

Employment Verification You must request an Employment Verification (EV) through the  Bureau of Health Workforce (BHW) Customer Service Portal .

We will notify the point(s)-of-contact at the NHSC-approved service site where you work (or plan to work), about your request.

The site(s) must complete the electronic EV before you can submit your application. It's your responsibility to ensure that the site point-of-contact completes the EV.

• Professional Information You will respond to questions related to your profession and professional training.
• Telehealth This section contains optional questions that you will answer about any telehealth services you provide.

Loan Information

Provide information on each qualifying educational loan for which you seek repayment.

We'll review supporting documents, contact lenders/holders, and check your credit report.

• Name and contact information for the lender/holder.
• Loan account number.
• Original amount disbursed.
• Original date of the loan.
• Current outstanding balance (no more than 30 days from the date you submit your application).
• Current interest rate.
• Original date of consolidation.
• Original balance of consolidation.
• Account number.
• Purpose of loan.

An application is incomplete without the following required supplemental documents:

• Proof of status as a United States citizen or United States national Acceptable documents:  birth certificate, current U.S. passport’s ID page, or a certificate of citizenship or naturalization. Unacceptable documents:  driver’s license or Social Security card.
• Be on official letterhead or other clear verification that it comes from the lender/holder.
• Include the name of the borrower (the NHSC Loan Repayment Program applicant).
• Contain the account number.
• Include the date of the statement (cannot be more than 30 days from the date you submit your application).
• Include the current outstanding balance (principal and interest) or the current payoff balance.
• Include the current interest rate.
• Include the name of the borrower.
• Include the type of loan.
• Include the original loan date (must be prior to the date you submit your application).
• Include the original loan amount.
• Include the purpose of the loan.

You may need to submit additional supporting documents.

Submit these documents if we list them on the “Supporting Documents” page of the online application.

• Specialty Certification If you select a specialty, you are required to upload a copy of the certificate of completion or diploma from the training program where you matriculated.

Postgraduate Training Verification.  This document verifies that you completed the AMF Program or Graduate Psychology Education Program (GPE).

This documentation is in addition to the postgraduate training related to your practice area. Such documentation may include an official completion certificate.

• Teaching Health Center Graduate Medical Education (THCGME) Identification Number If you completed a postgraduate medical or dental training program funded by HRSA through the THCGME Payment Program, you are required to submit the residency identification number and residency completion certificate, if available. Use the Accreditation Council for Graduate Medical Education (ACGME) or The Commission on Dental Accreditation to look up your program identification number.
• Verification of Disadvantaged Background A school official may complete the Verification of Disadvantaged Background (PDF - 406 KB) . Applicants may also self-attest to having a disadvantaged background by uploading a document that validates that they meet the criteria included on the disadvantaged background form. (Federal student aid report, etc.).
• Verification of Existing Service Obligation Verification from the entity for which you have an existing service obligation stating you will complete service there prior to the NHSC application deadline.
• Payment History Verification that you used all NHSC Loan Repayment Program funds to repay the qualifying educational loans approved as part of your most recent NHSC LRP contract, if applicable.
• Proof of Name Change Applicants will be required to provide legal documents (marriage license or divorce decree) if the name on the proof of citizenship document is different from the name in the application.

Print and keep a copy of your completed application package for your records.

After you submit your online application, you'll see a receipt of submission.

How can I view my application and its status?

Log into the Bureau of Health Workforce (BHW) Customer Service Portal to view your application status. You can also download a copy of your application, supporting documents, and completed EVs.

Can I make edits after I submit my application?

After you submit the online application, you may make edits and upload new documents. You must make all final edits and resubmit your final, complete application by the application deadline. You must certify and submit your application each time you make any changes. Applications in an “In Progress” status cannot be considered for an award.

Can I withdraw my application?

Yes, you may withdraw your application from consideration any time before the Secretary of Health & Human Services (HHS), or their designee, signs the contract. Please reference the Application and Program Guidance (PDF - 597 KB) for additional information.

How do you evaluate me?

We review applications after the application deadline.

We use selection factors and funding priorities to evaluate you and determine who receives awards.

Notifying award finalists

If you become an award finalist, we will email you and ask that you log into the BHW Customer Service Portal.

We will ask you to confirm:

• Your continued interest in receiving an award.
• The validity of the loan and employment information you provided us in your application.
• That you have read and understand the Loan Repayment Program contract. (We ask you to e-sign this if you receive, and accept, an award.)

We ask you to provide:

Your direct deposit banking information. We use this for award funds if you receive an award.

Note: You must respond by the deadline we provide in the Confirmation of Interest email.

What if I don’t respond in time?

If you do not complete the Confirmation of Interest process by the deadline, we may withdraw your application from consideration.

If you still wish to participate in the program, you will need to submit a new application. You will need to do this during a future NHSC Loan Repayment Program application cycle for first-time participants. You will compete with other providers based on that cycle’s program requirements.

Who makes award determinations?

Only the Secretary of HHS or their designee can make an NHSC Loan Repayment Program award.

When will you notify me of an award?

You will receive final notification of an award, including your service obligation dates, no later than September 30.

Will you notify me if you don't select me for an award?

Yes. If we do not select you for an award, we will email you no later than September 30.

NHSC Loan Repayment Program contract & service obligation

When does my service obligation take effect.

Your service obligation begins on the date that the HHS Secretary (or the Secretary’s designee) countersigns your contract.

Can I terminate my contract?

Review the Application and Program Guidance and your contract. Both provide detailed information on the timeline and requirements for NHSC Loan Repayment Program contract termination.

If you terminate, you must repay all funds you receive under the contract.

Related resources

Application & program guidance (apg).

• NHSC LRP APG (PDF - 597 KB)
• NHSC SUD LRP APG (PDF - 617 KB)
• NHSC Rural Community LRP APG (PDF - 634 KB)
• S2S LRP APG (PDF - 838 KB)

Program comparison charts

• Compare Loan Repayment Programs (PDF - 187 KB)
• NHSC and Nurse Corps Loan Repayment Programs Comparison (PDF - 343 KB)
• NHSC 11x17 Poster (PDF - 1 MB)
• NHSC 8.5x11 Poster (PDF - 932 KB)

Fact sheets

• NHSC LRP Fact Sheet (PDF - 215 KB)
• NHSC SUD Workforce LRP Fact Sheet (PDF)
• NHSC Rural Community LRP Fact Sheet (PDF - 362 KB)
• NHSC S2S LRP Fact Sheet (PDF)

Spanish fact sheets

• NHSC LRP Fact Sheet – Spanish (PDF - 374 KB)
• NHSC Substance Use Disorder Workforce LRP Fact Sheet – Spanish (PDF - 882 KB)
• NHSC Rural Community LRP Fact Sheet – Spanish (PDF - 1 MB)
• NHSC S2S LRP Fact Sheet – Spanish (PDF - 323 KB)

Related loan repayment & scholarship programs

• Nurse Corps
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Loan Request Letter: Format and Example

A loan request letter format is a formal document used to request financial assistance from a lending institution or individual. It typically includes the sender’s contact information, the date of writing, the recipient’s details, the subject line indicating the purpose of the letter, a formal salutation, an introduction outlining the purpose of the loan request and the sender’s financial situation, loan details specifying the type and amount of loan requested, financial information to support the request, proposed repayment plan, closing expressing appreciation and providing contact information, and any enclosures.

Geeky Takeaways:

• A loan request letter should be clear, concise, and professionally written.
• Providing accurate and relevant financial information strengthens loan requests.
• Demonstrating a clear and feasible repayment plan is crucial for gaining the lender’s confidence in your ability to repay the loan.

Table of Content

Loan Request Letter Format

Characteristics of loan request letter, example of loan request letter, loan request letter format – faqs.

1. Formal Tone: A loan request letter should maintain a formal tone throughout, using polite and professional language. This creates a respectful and professional impression on the recipient, typically a loan officer or lender.

2. Clarity and Conciseness: The letter should be clear and concise, clearly stating the purpose of the loan request, the amount needed, and how it will be used.

3. Complete and Accurate Information: Provide complete and accurate information about your financial situation, including income, employment status, assets, liabilities, and credit score. Ensure that all details are truthful and verifiable.

4. Relevant Supporting Documents: Include relevant supporting documents, such as pay stubs, bank statements, tax returns, and any other financial records, to validate your financial claims and strengthen your loan request.

5. Specific Loan Details: Specify the type of loan you are requesting (e.g., personal loan , business loan), the amount requested, and the desired terms (e.g., repayment period, interest rate).

Before writing a loan letter, is there anything we should verify?

Yes, before writing a loan application, it is advised to verify eligibility, such as credit score , revenues, age factors, etc.

What is the general documentation required for the loan process?

Generally, the following documents are required for the loan process, and sometimes a borrower is required to attach them to the loan letter: ID proofs Bank statement Credit score report CA certificate Income tax returns Latest audited financial statement Other documents like the partnership deed , registration certificate, MOA and AOA , GSTN, etc.

What should be the tone when writing a loan letter?

It is important that the letter be clear and concise. It is advised to write a clear and polite explanation of your business, and the letter should be free from any hard technical terms and acronyms. Ensuring that the business proposal is well-structured and written in a professional format can increase the chances of getting a loan easily.

What should be mentioned under the repayment plan?

In a business letter , the institution is mainly interested in your ability to pay and how early you will repay it. It is advised that the borrower clearly mention the repayment terms as per the bank’s policy. The repayment plan should be clearly explained.

Is it required to sign a loan request letter?

Yes, it is very much important that the loan request letter must be signed by the person in authority, also the letter should be stamped by the borrower institution. Such validation helps in ascertaining credibility that the request is coming for the right person.

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Application Letter for Loan Date Extension

Many of us have taken loans from bank but sometimes we are unable to repay them on time because of various reasons. In such a scenario, intimating the bank of the same in a formal way by writing application letter for loan date extension is the right thing to do. With a request letter for extension of payment, you are expressing you clear intensions and you are requesting some more time. You can submit a loan extension request letter to avoid any charges for late payment as well.

In this post, we bring a formal sample application to request for loan extension . Use the letter to bank for loan date extension to create a customized letter that states you condition to the bank in a professional manner.

Sample Application Letter to Request for Loan Date Extension

Ramakant Sharma

78, Giridhar Apartments,

Karol Bagh,

Date: December 3rd, 2019

The Bank Manager

Sub: Request for Loan Date Extension

I hold a savings account with your prestigious bank at your Karol Bagh Branch, bearing account number 011/59596. I also have an auto loan running with your bank of amount Rs.5,00,000 with loan account number 05/78946. As per the terms of the loan, on 5 th of every month, an amount of Rs. 15,000 is deducted from my account.

I would like to bring to your notice that due to the delay in my salary for the last month, I do not have enough balance in my account to honour the payment. My salary will be credited to my account on December 10 th , 2019 and after that my account will have enough balance to pay the instalment for this month.

I request you to please consider my situation and accept this application for loan date extension for this month. I understand that delay in paying installments against loan attracts charges and therefore, I request you to please waive off these charges and have the instalment amount debited on the 10 th of this month, instead of 5 th .

I have a long association with your bank and I have always been prompt with my payments. It is just for this time that I request you to please allow me the date extension for loan based on my account history.

Thanking you in anticipation for considering my request.

Click Here to Download Application Letter for Loan Date Extension in Word Format

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• request to extend the loan payment letter
• letter from bank on payment deferral extension
• request letter to bank for extension of loan payment
• https://www club4ca com/formats/accounts/application-letter-for-loan-date-extension/
• letter of applicable loan

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One thought on “ Application Letter for Loan Date Extension ”

very helpful for me this sample and really thanks

Best Regards Md.Hasibur Rahman Senior Officer and Manager operation SBAC Bank Ltd Faltita BR.Bagerhat,Bangladesh Cell-++8801717054959

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Home » Letters » Bank Letters » Prepayment of Loan Letter – Sample Request Letter for Prepayment of Loan

Prepayment of Loan Letter – Sample Request Letter for Prepayment of Loan

To, The Manager, __________ (Bank Name), __________ (Branch Address)

Date: __/__/____ (Date),

Subject: Prepayment of loan ________ (Loan Number)

Sir/ Madam,

I would like to inform you that my name is _________ (Name) and I am a resident of ________ (Residential Address). I hold a loan account in your branch having account number ___________ (Loan Account number). I am currently holding a loan ________ (Type of loan) of _______ (Amount) with ________ (Number of EMIs) EMIs and ________ (Tenor) tenor.

I am writing this letter to inform you that I am looking forward to the prepayment of the _______ (Amount) amount of my loan and I am ready to make the above said payment of amount i.e. ________ (Prepayment loan amount) on __/__/____ (Date).

Therefore, I request you to kindly guide me through the procedure and I shall be highly obliged for your kind assistance. In case of any queries, you may contact me at __________ (Contact number).

Thanking you, _________ (Signature) _________ (Your name), _________ (Contact number)

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