Can I change my EMI amount during the loan tenure?

Financial institutions may offer options to change your Equated Monthly Instalment (EMI) amount during the loan tenure. These options can help borrowers better manage their loan repayments based on their changing financial circumstances. Here are a few potential methods:

• Loan restructuring: In certain cases, banks and NBFCs allow borrowers to modify loan terms, affecting EMI amounts. This could involve extending the loan tenure or renegotiating the interest rate.
• Partial repayment: Making a lump-sum payment towards the loan principal can result in lower EMIs for the remaining tenure. This option can be useful for borrowers who have access to additional funds and wish to reduce their monthly EMI payments.
• EMI deferment: Financial institutions may allow borrowers to postpone their EMI payments temporarily. However, it is essential to note that deferring EMIs can increase the overall loan cost due to the continued accrual of interest during the deferment period.

To explore the available options for changing your EMI amount during the loan tenure, consult with your lending institution to discuss the specific eligibility criteria and potential consequences.

Be aware that modifications to your loan terms may involve additional fees or affect other loan conditions. By working closely with your financial institution and understanding the available options, you can make informed decisions that align with your financial goals and circumstances.