How to Change the EMI Date for a Personal Loan?

Date: 30th November 2024 | Read time: 2 Minutes

EMIs are a very easy way to repay a personal loan, allowing one to manage his finances efficiently. However, sometimes a date change in your salary or an unforeseen financial burden may force you to reschedule your EMI payment date. Altering the date of paying an EMI can help you maintain monetary stability, and you will not be charged with a penalty for defaulting the payment. Here's a step-by-step guide to help you alter the EMI date for a personal loan.

The first step is to check whether your bank or financial institution allows changes to the EMI date. While most lenders offer flexibility, this service may come with conditions or fees. Review the loan terms in your agreement or contact the bank’s customer service to understand the procedure and associated charges.

Select a date that coincides with your cash flow. For instance, if money from your salary is credited into your account on the 10th day of the month, then opting to pay through EMI after the 12th day will give you adequate funds in your account to avoid bounced cheque payments and late fees.

Reach out to your lender via their customer support helpline, email or mobile app. Inform them of your request to change the EMI date. Be ready with your loan account number and other personal details to make things work for you.

Most banks require a formal application for change in EMI dates. This can usually be done via:

• Internet Banking: Login to your bank's internet banking site and look for the "Loan Services" or "Request EMI Date Change."
• Branch Visit: Submit the request form in the branch.
• Mobile Banking App: Some banks offer to do this change directly from your app.

In some cases, the bank may request documentation, such as a revised salary slip, to confirm reasons for the change. Prepare these documents in advance so that no delays arise.

Change of EMI date involves administrative charges or processing charges. Confirm with your lender about any such charges and pay before the request is processed.

Once the processing of your request is done, the bank will send you the information about the modified schedule of EMI. They can communicate through an email, SMS, or an upgraded statement in your online account. Check the same for the correctness.

If you have arranged for auto-debit of your EMI, update the new date in your standing instructions. This way you will not encounter the problem of delays.

• Plan Ahead

  Altering the date of your EMI will take at least one or two working days to get on to the process, hence begin the request a few days in advance.

• Know the Charges

  Check if there is any fee that is deducted or penalty levied.

• Maintain Sufficient Balance

  Ensure your account has enough funds on the new EMI date to avoid late fees or impact on your credit score.

Adjusting your date of EMI may give you the much-needed flexibility to better manage your finances. By following the procedures above, you can ensure that there will be a smooth transition in proceeding with the loan payback process without disturbing it.

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