Getting the Personal Loan EMI Date Changed is a Cumbersome Process

Getting the Personal Loan EMI Date Changed is a Cumbersome Process

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22 Sept 2020
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Each lender adopts different policies when it comes to approving a personal loan EMI date change. While some refrain from doing so at all, some have a cumbersome process for the same. Borrowers usually require an EMI date change in order to adjust the dates to the day of the month when their salary is credited. 

For instance, when Amar, a salaried employee, took a top-up on his existing personal loan, he wanted the EMI to get deducted on the 15th of every month. But owing to a mistake committed by his agent, the EMI date was set as 5th. Amar’s like many others faces a problem since he gets his pay on the 10th of every month.

Usually, lenders tend to allow a date change in case of home loan customers. Such a request is also entertained if it comes from a premium customer. A premium customer is someone who may have a large fixed deposit with the bank or has a business relationship or avails of private banking facilities.

Kotak Mahindra Bank, in case of a home loan, says that the change of EMI date is subject to a credit appraisal, post which charges of ₹5,000 and broken period interest (if any) and penal charges (if applicable) or 0.5% of the loan amount plus broken period interest (if any) plus GST, whichever is less, would be applicable to process this request if approved.

Besides, the borrower needs to resubmit post-dated cheques, ECS (electronic clearing system) mandate and six-month bank statement. Once the bank processes the request, it sends a rescheduling proposal, which the borrower must sign and submit. Most large banks follow a similar procedure.

For home and other long-term secured loans, if the bank is unwilling to change the date, one way to get it done is by telling the bank that you want to increase the EMI amount and give them a fresh standing instruction with a new date and amount.

Process Followed by Private lenders

ICICI Bank also allows EMI date change for personal loans.The private lender says that 

There are GAP charges associated with changing the dates of the EMI which will be calculated as per the policies for changing the date.

According to FAQs on the HDFC Bank website, in order to get you EMI date change, you ought to “submit the miscellaneous service request form and copy of bank statements at our branch clearly mentioning the reason for change in Due date.

The interest for the period by which EMI due date is shifted, would be payable. After necessary verification by our branch the revised EMI Due date will be effected within 15 working days from date payment of interest / charges”.

IDFC First Bank does not allow a date change. The website says that “we currently do not have an option of changing the EMI due date. This is keeping in mind the uniformity of payment due dates for all our customers”. Similarly, Bajaj Finserv does not offer an option to change your EMI due date.

You can read more about Tips to Manage Personal Loan EMI Payments.

Getting your personal loan EMI date changed is a cumbersome process since financial institutions try to maintain the uniformity of payment due dates for all their customers. While some banks allow a date change after a long process, some financial institutions like Finserv MARKETS do not allow such changes. But with financing options available on Finserv MARKETS, you can borrow money as and when you need from your sanctioned amount, without the need for multiple applications and additional documentation. Besides, Finserv MARKETS offers the fastest personal loans in India – with disbursal in just 24 hours of your loan getting approved. Also, you can avail Instant Personal Loan up to Rs. 25 Lakhs based on your eligibility.

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