Request for Extension of Time for Loan Payment

I hope this letter finds you well. I am writing to formally request an extension of time for my loan payment due to unforeseen financial circumstances. As a valued customer of [Bank Name], I have always strived to maintain a good relationship and uphold my obligations. However, due to recent unexpected financial hardships, I am currently facing difficulty in meeting my loan payment obligations as scheduled.

Background and Current Financial Situation
To provide you with a better understanding of my situation, I would like to explain the circumstances that have led to my current financial predicament. Over the past few months, I have experienced significant financial setbacks that were beyond my control. These setbacks include [briefly describe the circumstances, e.g., job loss, medical emergencies, business downturns, etc.]. The cumulative effect of these issues has severely impacted my cash flow, making it challenging for me to meet the upcoming loan payment deadline.

Request for Extension
Given the above, I kindly request an extension of [specific time period, e.g., 60 days] for my loan payment due on [due date]. I believe that this extension will provide me with the necessary time to reorganize my finances and arrange for the payment in full. I understand the importance of meeting my financial obligations, and I am committed to clearing the outstanding loan balance as soon as my financial situation improves.

Repayment Plan
In order to demonstrate my commitment to fulfilling my loan obligations, I would like to propose a revised repayment plan. During the extension period, I am prepared to make partial payments of [specify amount] to reduce the principal balance, with the understanding that the remaining balance will be paid in full by the new agreed-upon date. I believe this plan will ensure that both my obligations are met and that the bank’s interests are safeguarded.

Supporting Documents
To substantiate my request, I have attached the following documents:

1. Recent pay stubs or proof of income: Demonstrating the decrease in income or financial resources.
2. Medical bills or proof of emergency: Illustrating any unforeseen expenses that have contributed to my current financial situation.
3. Bank statements: Showing the impact on my cash flow and ability to make the loan payment on time.

My Commitment
Please be assured that this request for an extension is not a reflection of my overall financial management or my commitment to fulfilling my loan agreement with [Bank Name]. I value the relationship I have built with your institution and appreciate the trust and support you have extended to me over the years. I am confident that with this extension, I will be able to overcome my current financial challenges and continue to honor my obligations.

Contact Information
I am available to discuss this matter further and provide any additional information or documentation that may be required. You can reach me at [your phone number] or via email at [your email address]. I would appreciate it if we could set up a meeting to discuss my request in more detail and work towards a mutually agreeable solution.

Conclusion
I kindly request your understanding and consideration in granting this extension of time for my loan payment. I assure you that this is a temporary setback, and I am taking proactive steps to address my financial situation. Your assistance in this matter would greatly relieve the financial pressure I am currently experiencing and allow me to regain my footing.

Thank you for considering my request. I look forward to your positive response and to continuing a long and fruitful relationship with [Bank Name].

Yours sincerely,
[Your Full Name]
[Your Address]
[Your Account Number]
[Date]