4 Steps to Change 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 EMI date or might have other EMIs to take care of which is why changing your personal loan EMI date would be preferential to manage finances. This article aims to provide 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 EMI dates. 

Reasons why you may need to change your personal loan EMI dates
 

• 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 circumstances 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.
• To 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 with each other can simplify your financial management and reduce the chances of missed payments.

In some situations, managing your personal loan EMIs can be hectic. However, to avoid EMI hassles you can opt for IDFC FIRST Bank’s FIRSTmoney, which lets you close your loan early without any charges. The FIRSTmoney smart personal loan offers amounts of up to ₹10 lakhs with an option to withdraw funds multiple times or in one go depending on your needs. With this unique feature, you pay EMIs only on the amount you withdraw and not on the total approved limit, making FIRSTmoney a better option thanks to its favourable loan terms as compared to a standard personal loan.

FIRSTmoney provides a completely digital application with instant approvals. Do keep in mind that you need a credit score of 730 or above, a stable income from business or employment, and your PAN card during the V-KYC process. To facilitate easy repayments, FIRSTmoney loans include flexible repayment tenures between 2 months to 60 months.

How to change the EMI dates for your personal loans?
 

Changing the EMI dates for your personal loans 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.

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.

Conclusion

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.

Need to adjust the EMI date for your instant cash loan? IDFC FIRST Bank allows flexible EMI scheduling to better align with your cash flow.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank 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 mentioned. Please consult your financial advisor before making any financial decision.