Request Letter Format for Waiver of Penal Interest on Loan to Bank / NBFC

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Request Letter Format for waiver of Penal Interest on Loan to Bank / NBFC 

 

To                                                                                                                    July 14, 2025

The Assistant General Manger,

Bank of India,

Kolkata Main Branch,

23A-B, Netaji Subhas Road,

Kolkata – 700 001.

  

Dear Sir,

 

                        Ref: Term Loan Account No.400063110012345.

                       

                        Sub: Request for waiver of Penal Interest.

 

You are aware that our plant is under suspension of operation for about last four years due to certain labour problem. Owing to such suspension of operations we have been suffering from severe cash crunch. You will appreciate that in spite of our financial problems we have been so far servicing the term loan installments and interest on regular basis though over the last few months there were little delays in certain cases. You have been charging penal interest on such delayed payments. We would like to state that because of our severe fund constraints we are hard pressed to pay the penal interest in addition to normal interest. You would appreciate that due to suspension of operations, there no funds inflow and all the expenses are being arranged by us from other sources with great difficulties. Thus, charging of penal interest would impact our revival plan of the company as we would need funds for resumption of operations soon.

 

We would, therefore, request you to waive off all the penal interest charged to our account till date.

 

We look forward to your favourable reply.

 

Thanking you,

 

 

Yours faithfully,

For STABNET INDUSTRIAL WORKS LTD

 

 

 

Director.

 

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