How can I change my EMI date on a used car loan?

Many lenders allow borrowers to choose their EMI date on a used car loan in order to align their repayment with their income cycle/cash flow. It is usually quite easy to know which process your lender has for 'new same period EMI date change requests'. You can usually go through the website, mobile app, or in-person visit to a branch to make this request. You may simply be filling out a request and writing down the reason for the change. The new EMI date should apply from the next billing cycle and the lender must notify you once the request has been processed. Always refer to your loan agreement or speak with customer service to understand what the process is and whether there are fees associated with this service.

Many lenders require you to be completely up to date with loan repayments and have no missed payments before approving your EMI change request. Some lenders will need you to arrange a new auto-debit authority or bank mandate, and/or submit updated post-dated cheques to align with the new EMI due date. Depending on your lender, it could take as long as two weeks to approve your change request and ensure that you have funds available for previous EMIs while the lender processes your change request. Always retain the lender's confirmation of your EMI date change request for your records. Changing an EMI date can help you organise your cash flow, avoid missed loan payment dates and penalties for late payments.