How to Change the EMI Date of Your Personal Loan Easily

When you avail a personal loan, the lender sets a date for EMI payments every month. This means, on a specific date, the EMI amount is automatically deducted from your bank account.

Table of Content

• Reasons to Change the EMI Date of a Personal Loan?
• How to Change the EMI Date of Your Personal Loan?
• Things to Consider Before Changing the EMI Dates

But what happens if your salary is credited a few days later? Or if your cash flow does not align with the scheduled deduction date? In such situations, managing your finances can become stressful, and you may even risk missing a payment.

The good news is that many lenders offer the flexibility to change the EMI date of your personal loan, allowing you to avoid unnecessary penalties.

Here is how to change personal loan EMI date:

Reasons to Change the EMI Date of a Personal Loan?

• Salary Credit Mismatch: If your salary is credited after the EMI due date, it is likely that you won’t have money at the time of repayment. To avoid failed transactions, consider aligning your salary credit date with EMI payments.
• Managing Multiple EMIs: If you have multiple loans, managing EMI payments on different dates can be difficult. By aligning the due dates, you can simplify your financial planning.
• Job Change or Payroll Shift: Sometimes, your income pattern may change due to a new job or revised salary credit dates. In such situations, changing your EMI date can be a great option.
• Temporary Cash Flow Issues: Unexpected financial situations, such as medical emergencies, can make it difficult to make EMI payments on time. By changing the date, you can get a much-needed breathing room to organise your funds.
• Different Payment Preferences: Some borrowers prefer to pay EMI at the start of the month, while others are more comfortable paying at the end. Adjusting the EMI date allows you to choose a timeline that aligns with your personal preference.

How to Change the EMI Date of Your Personal Loan?

• Contact your lender

Reach out to your lender via phone, email, or by visiting the nearest branch. Let them know your request to change the EMI date and the reason behind it.

• Submit a Request Application

Most lenders will require a formal request, either through an online form or a written application. Some banks may also provide this option through their mobile app or internet banking portal.

• Provide Required Documents (If Needed)

Banks may ask you to submit basic documents such as:

• Loan agreement copy
• Loan application number
• Recent bank statements
• Identity proof (e.g., Aadhaar card, PAN card)
• A written application stating the request to change the EMI date
• Check for Fees

Some lenders may charge a nominal fee for changing the EMI date. Make sure to confirm the cost beforehand to avoid surprises.

• Application Process

Once you have submitted your request, the lender will review it and decide whether to approve the change. This process may take 7-15 working days, depending on the lender. Once approved, you will receive a confirmation via SMS or email.

Suggested Read: 8 Personal Loan Hacks to Save Big!

Things to Consider Before Changing the EMI Dates

• Lender Policy and Eligibility: Not all lenders offer flexibility when it comes to changing EMI dates. Some may have restrictions on how often you can change the date. So, always check the policy beforehand.
• Processing time: A loan EMI date does not change immediately and may take a few days to a week to get confirmed. Ensure that you have enough funds in your account till the new date is approved.
• Fees: Many lenders charge a nominal fee for rescheduling the EMI date. While the amount is usually small, it is still worth confirming so you can make an informed decision.
• Interest Implications: Changing the EMI date doesn’t affect your personal loan interest rate. However, you may have to pay a small extra interest amount for the gap created when the EMI date is shifted.

Overall, changing your EMI date can be a great way to manage your finances, avoid late payments, and align your payments with your cash flow. Whether you have recently switched jobs, are facing temporary cash flow issues, or are juggling multiple EMIs, this simple adjustment can help you stay on track. However, before making the change, it’s important to review your lender’s policies, processing time, applicable charges, and any interest implications. To plan your loan more efficiently, you can also use a personal loan EMI calculator to understand your monthly outflow in advance and choose a repayment plan that suits you best.

Planning to apply for a personal loan? At Muthoot Finance, we offer personal loans with low interest rates, easy documentation, hassle-free documentation, and fast disbursal. For more information, visit our website or your nearest Muthoot Finance branch.