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How To Change EMI Date of a Personal Loan? - 5 Easy Steps
Managing loan payments is an important part of personal finance. If your existing EMI date doesn’t align with your salary or cash flow, you can request a change. Here's how to change the EMI date of a Personal Loan and make loan management more seamless.
How to change EMI dates for Personal Loans
- Contact your lender: Reach out to your bank via customer support / email or visit a branch to inquire about the EMI date change process.
- Submit a request: Many banks allow this through their online banking platforms. Ensure your request includes both your current EMI date and the preferred new date.
- Provide necessary documents: Lenders may ask for income proof or bank statements to verify your financial situation.
- Check for fees: Some lenders charge a nominal fee for processing this change. Confirm the charges beforehand.
- Approval process: Once your request is submitted, it will undergo approval. Upon approval, the bank will inform you of the new EMI schedule.
Reasons to change EMI date for Personal Loans
- Financial hardship: In situations like medical emergencies or job loss, meeting EMI payments on the original date can be difficult. Adjusting the date can ease financial pressure during tough times.
- Cash flow alignment: If your EMI date doesn’t match your salary or income credit date, shifting it can prevent cash flow issues and avoid late payment fees.
- Updated payment preferences: As your financial situation evolves, a different EMI date may become more convenient. Adjusting it ensures smoother financial management.
- Simplifying multiple EMIs: Managing several loans with different EMI dates can be cumbersome. Aligning them can simplify your finances and reduce the risk of missed payments.
Things to consider before changing EMI dates
- Processing time: Banks usually take a few working days to process requests for changing the Personal Loan EMI date. Plan ahead so the changes take effect in time.
- Interest implications: Some lenders may recalculate interest depending on the new EMI date. Ask your lender for details on any changes to interest or tenure.
- Processing fees: A nominal fee may be charged. Ensure you are aware of these costs before proceeding.
Conclusion
Changing your EMI date can be a smart way to better manage your Personal Loan repayments. Whether it’s adjusting to a new salary schedule or managing multiple financial obligations, this small change can offer significant relief in your monthly cash flow. However, always review any associated fees or interest adjustments before proceeding.
If you’re considering a loan that offers flexibility, Axis Bank Personal Loans might be the solution. With features like no collateral, a straightforward application process and competitive interest rates, Axis Bank ensures that your financial needs are met without hassle.
Also Read: How to reduce Personal Loan EMI? - 9 effective ways
FAQs
Can Personal Loans be rescheduled?
Yes, Personal Loan repayment dates can be rescheduled by adjusting the tenure or changing the EMI date.
Can I change my EMI date?
Yes, most lenders allow you to change the EMI date after submitting a formal request.
Can EMI months be changed?
Yes, you can extend or reduce the loan tenure, which changes the number of EMIs accordingly.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
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