Banks need to keep a sincere record of payments of the loans. If there is has been a delay in payment from any of the customers then the bank must send them letters of reminder for late payment of loan. This letter will request them to make quick payments in order to avoid any kind of inconvenience. Here is a sample given below for your reference. You can use this template for writing a personalized formal letter mentioning all important information like the account no., the amount to be deposited and the duration within which the customer needs to act.
Format for Letter of Reminder for Late Payment of Loan
1234 Park Avenue
29 September, 2014
52 3rd Block
Dear Mr. Vicky,
Re : Overdue Payment A/C 343909 for Vehicle No : WFA 123
This is in context to remind you that your payment against the vehicle loan for the month of September is overdue. I request you to please remit the sum of $ 825.50 to us within 14 days from the date of the letter or we will have to initiate repossession procedures on the above vehicle.