How To Change EMI Date
of a Personal Loan?

In a personal loan, the EMI repayments are structured in a certain manner by the lender so that the EMI amount gets debited from the bank account of a borrower at a fixed date every month. And, the borrower needs to adhere to the repayment deadlines as per the terms agreed in the loan documents.

However, there are instances, like a change in salary credit day by your employer or due to a job change, when you may feel the need to change the personal loan EMI due date.

Therefore, in this learning guide, we will know about the personal loan EMI date change procedure.

How to Change Personal Loan EMI Date?

Changing the personal loan EMI date is a cumbersome process, as you have to go through the process of canceling the current payment mandate and creating a new one. And, every lender follows different policies on personal loan EMI date change.

There is no fixed procedure to change the personal loan EMI date. You will need to intimate your lender about the EMI date change requirement. You can do this by visiting your nearby branch, calling your lender’s customer service, or by submitting a detailed application, addressing the branch manager.

If the lender approves the personal loan EMI date change, you have to submit a new ECS auto-debit mandate form clearly mentioning the new EMI due date for electronic clearing service.

Likewise, for post-dated cheques, the lender will first cancel the previously deposited cheques and then you need to provide fresh post-dated cheques with new EMI repayments dates.

Things to Note:

• In certain cases like a job change or default in the past, your personal loan EMI date change request is subject to a credit appraisal by your lender. It may also result in a change in personal loan interest rates. Using a personal loan EMI calculator, you can calculate and plan the EMI and tenure of your personal loan.
• You may need to pay the processing fees + GST for rescheduling your personal loan EMI due date and creating the new direct debit mandate.
• Your lender keeps the right to reject the personal loan EMI date change request.
• You can also increase the EMI amount and shorten the loan tenure in your personal loan EMI date change request.

Changing your personal loan EMI due date should be a well-thought move as it can impact your credit score due to the credit appraisal procedure and changes in the loan terms. And, post-change of EMI due date; strictly adhere to the new timelines.

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