Can I change my repayment plan after borrowing?

In most cases, lenders allow some flexibility in repayment plans after the loan has been disbursed, but this is subject to their policies. You may be able to request changes such as extending the tenure, restructuring the loan, or opting for part-prepayment or foreclosure. These options can help reduce your EMI burden or close the loan early.

However, such changes may attract additional charges or penalties, and approval is at the discretion of the lender. It is best to speak with your financial institution directly, outline your circumstances as well as comprehend your options. Any modifications to the repayment plan must be recorded in writing.

Keep in mind that frequent changes or delays in repayment can affect your credit score. Always review the terms and conditions regarding repayment flexibility before signing the loan agreement, and plan your finances to minimise the need for changes after borrowing.

If you are considering a change in your repayment plan, it is a good idea to discuss your reasons with your lender and ask for a clear explanation of any fees or conditions involved. Lenders are often open to helping borrowers who face genuine difficulties but they will need details about your current financial situation. Always keep records of all communications and any revised agreements. This keeps all the information clear for both parties and helps protect your interests while managing your loan responsibly.