Can I change my repayment date for my personal loan?

Yes, it is possible to change your repayment date for a personal loan, but this is subject to your lender’s policies and approval. Typically, the repayment date is fixed at the time of loan disbursement and is aligned with your salary credit date or another convenient time of the month. If your circumstances change, such as a shift in your salary date or a new job, you may request a change in the EMI date. To initiate this, you must formally intimate your lender—either by visiting a branch, calling customer service, or submitting a written application to the branch manager.

If your lender agrees to change your EMI date then you will usually need to submit a fresh ECS mandate or provide new post-dated cheques that match the revised payment schedule. It is worth noting that every lender has its own set of procedures for such requests and approval is not always on line. The steps involved can sometimes be lengthy as they may require cancelling your previous payment instructions and setting up new ones in their place. Because of this, it’s important to check directly with your lender about their exact requirements and timelines. Give yourself enough time for the process to be completed so you don’t accidentally miss a payment or incur any penalties. Clear communication and early action will help ensure the transition to your new EMI date goes smoothly.