4 steps to change the EMI date of a personal loan

While it is important to keep a track of your personal loan EMI dates, there might be situations where these dates need to be changed. You might receive your salary after the scheduled EMI date or might have other EMIs to take care of, which is why changing your personal loan EMI date could be preferential to manage finances. This article provides a complete guide on changing your personal loan EMI dates, the format for an EMI date change request letter, as well as considerations to keep in mind when changing these dates. 

Why changing your EMI date can be a smart financial move 

Budgets don’t often go as planned, and such occasional disruptions can affect scheduled EMIs. However, missing an EMI can impact your credit score. So, what can you do to avoid this? It is, in fact, possible to change your EMI dates in response to certain circumstances, without affecting your credit score:

• Financial constraints: In the event of unexpected financial constraints such as a sudden medical emergency or losing your job, you may find it challenging to pay your EMI on the scheduled date. Changing the EMI date can provide temporary relief and allow you to manage your finances better.
• Cash flow mismatch: Sometimes, your EMI date may not align with your salary or income receipt dates, causing cash flow mismatches. Changing the EMI date to coincide with the date on which you receive your income can help you avoid penalties.
• Change in payment preferences: Your financial condition may change over time, leading to a preference for making payments at a different time of the month. Adjusting your EMI date to a more convenient time can streamline your payment process and reduce the risk of missed payments.
• Align multiple EMIs: If you have multiple loans or financial obligations, coordinating multiple EMI payments on different dates can become cumbersome. Changing the EMI dates to align them can simplify your financial management and reduce the chances of missed payments.

How to change the EMI dates for your personal loan? 
 

Changing the EMI dates for your personal loan typically involves contacting your bank and submitting a formal request. The process may vary depending on the financial institution, but generally, you can follow these steps:

• Contact your lender: Reach out to your lender through their customer service helpline or visit their branch to inquire about the process of changing EMI dates for your personal loan.
• Submit a request: Complete any necessary forms or documents required by the lender to process your request. This may include providing details such as your loan account number, preferred new EMI date, and reason for the change.
• Wait for approval: Once you have submitted your request, the lender will review it and decide whether to approve the change. This process may take a few days, so it's essential to plan accordingly.
• Confirmation: Upon approval, the lender will inform you of the new EMI date and any changes to your repayment schedule. Make sure to update your payment instructions accordingly to avoid any confusion or missed payments.

Required documentation for changing the EMI date

The list of necessary documents include:

• 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

What is the EMI date change request letter format?
 

When requesting a change in your EMI dates, it is essential to provide a formal written request to your lender. Here's a sample format for an EMI date change request letter:

[Recipient's Name] [Recipient's Position/Title] [Lender's Name] [Lender's Address] [City, State, PIN Code]

Subject: Request for Change in EMI Date

Dear [Recipient's Name],

I am writing to request a change in the EMI date for my personal loan account [Loan Account Number]. Due to [mention reason for the change, e.g., financial constraints/change in payment preferences], I would like to request that my EMI date be changed from [Current EMI Date] to [Preferred New EMI Date].

I understand that this request is subject to approval and that I will comply with any additional requirements or documentation needed to process this change. I kindly request your prompt attention to this matter and would appreciate confirmation of the new EMI date once approved.

Thank you for your assistance and understanding.

Sincerely,

[Your Name]

Things to consider when changing your EMI dates 
 

• Impact on loan tenure: Changing your EMI dates may affect the overall tenure of your loan. Ensure to discuss any potential implications with your lender before proceeding.
• Processing fees: Your lender may charge a processing fee for changing EMI dates. Clarify this aspect with your lender to avoid any unexpected charges.
• Interest accrual: Changing your EMI dates may result in additional interest accrual or adjustments in your repayment schedule. Seek clarification from your lender regarding the impact on interest payments.
• Communication with lender: Maintain open communication with your lender throughout the process to ensure a smooth transition and timely updates regarding the status of your request.

Borrow on your own terms with IDFC FIRST Bank’s FIRSTmoney
 

Be it financial constraints, cash flow mismatches, or any other reason, changing your EMI dates can provide the flexibility and convenience that you need. By following the appropriate process and considering the factors that may influence your loan, you can manage your personal loan repayments more efficiently and stay on track towards financial stability.

A smart personal loan like IDFC FIRST Bank’s FIRSTmoney empowers you with the flexibility of choosing your own EMI tenure and date, an effective solution for a steady financial future. With FIRSTmoney, you can choose from a flexible repayment tenure range starting from 9 months going all the way up to 60 months. What’s more? You can even choose to prepay your loan before your tenure ends since FIRSTmoney loans do not involve any foreclosure charges.

A detailed look at FIRSTmoney - Here’s what you can get via this smart personal loan!
 

This smart personal loan offers loan amounts up to ₹10 lakhs, with competitive interest rates starting from just 9.99%! The entire loan process is digital, only requiring your Aadhaar card number. You’ll then need to just display your physical PAN card to complete the video KYC procedure. Once your loan offer is approved, you can get multiple on-demand loans without having to submit a new application each time.

Conclusion
 

Comfortably managing your personal loan EMIs is imperative to maintaining your financial stability, and being able to flexibly change your EMI dates can make a key difference. Be it your income cycle, cash flow issues, or varied repayment obligations, requesting for an EMI date change can help you get back on track. With FIRSTmoney’s flexible terms, you can make sure your loan EMIs are easily manageable, bringing you peace of mind throughout your loan journey!