Sample Letter of Loan Repayment Agreement

I am writing to formally acknowledge and agree to the terms of the loan repayment plan we discussed regarding the loan I received on [Loan Date] in the amount of [Loan Amount]. I appreciate your understanding and patience as I work to repay this loan.

1. Loan Details:

• Loan Amount: [Loan Amount]
• Loan Date: [Loan Date]
• Interest Rate: [Interest Rate]
• Repayment Period: [Repayment Period]
• Monthly Installment Amount: [Installment Amount]

2. Repayment Schedule:
I agree to repay the loan in [Number of Installments] installments, with each payment due on the [Day] of each month starting from [Start Date]. The final installment will be due on [End Date].

3. Payment Method:
Payments will be made via [Payment Method] to the following account details:

• Account Name: [Account Name]
• Bank Name: [Bank Name]
• Account Number: [Account Number]
• Routing Number: [Routing Number]

4. Late Payments:
In the event of a missed payment, I understand that a late fee of [Late Fee Amount] will be incurred. I commit to informing you promptly if I encounter any issues with making a scheduled payment.

5. Prepayment Option:
I have the option to make early repayments of the loan without incurring any additional charges. If I choose to prepay the loan, the outstanding balance will be adjusted accordingly.

6. Loan Modifications:
Any modifications to the terms of this agreement must be made in writing and agreed upon by both parties.

7. Contact Information:
Should you need to contact me regarding this loan agreement, you can reach me at:

• Phone: [Your Phone Number]
• Email: [Your Email Address]

Thank you for your cooperation and understanding. I look forward to fulfilling this agreement as per the outlined terms.

Sincerely,
[Your Name]
[Your Address]
[City, State, Zip Code]