After you hit on the personal loan apply button, the proceeds are disbursed, which you must repay in the form of personal loan EMI. Personal loan EMI repayments are structured by lenders in a specific manner that the EMI proceeds get automatically deducted from your account at a predetermined date every month. You as a borrower must adhere to repayment deadlines according to the agreed terms of the personal loan documents. However, there may be instances, like you may witness a change in the date of your salary credit owing job change, which may make you feel the need to change the due date for personal loan EMI. Here in this guide is discussed the procedure to change your personal loan EMI date. 

  • How can you change your personal loan EMI date?

Changing the date of your personal loan EMI could be tricky process for some, as you require going through the procedure of cancelling the existing payment mandate and forming a new one. Note that, every lender ensures to follow distinct policies on date change for personal loan EMI. 

You must intimate your lender regarding the requirement for an EMI date change. You can do so by approaching your nearby branch, calling the lender’s 24X7 customer care service, or submitting a written application for a personal loan EMI date change and addressing the same to the manager. 

If your personal loan lender approves the date change application, then you will require submitting a new ECS mandate form mentioning the new due date of your EMI for ECS (electronic clearing service). Similarly, for the post-dated cheques, lenders will initially cancel the last deposited cheques and you must submit your new post-dated cheques for the new personal loan EMI repayment dates. 

  • Here’s how you can change your Kotak personal loan EMI date

Please note that change of EMI date is subject to a credit appraisal, post which applicable charges + broken period interest (if any) and penal charges (if applicable)+ GST will be applicable, if approved.

You would also need to resubmit revised CTS-Post Dated Cheques as per your applicable SI/NACH mode of payment.

To get the same processed you can walk into your nearest Kotak Retail Asset Branch: from Monday to Friday between 10 am to 5 pm and submit your last 6 months bank statement, request letter and valid signature identity self-attested proofs to Kotak’s service officer.

Once Kotak’s internal credit approval is received, they will be sending the rescheduling proposal to your registered address. You need to submit the rescheduling proposal signed by borrower to the loan.

Turn Around Time (TAT) applicable as per the request for processing the change in EMI date after all documents are completely and correctly submitted.


Frequently Asked Questions (FAQs)

1. Can you request the bank to change your personal loan EMI date?

Yes, you can request your lender to change your personal loan EMI date. You may intimate the lender by approaching its branch or by calling their customer care service or writing a detailed application for the change in personal loan EMI date. 

However, before this, you must read the terms and conditions and check if there are any charges incurred on changing your personal loan EMI date.

2. How can you change your loan payment date?

Every lender has distinct policies when it comes to approving your application for an EMI date change. To change your personal loan date, you must approach your lender by either calling up its customer care service or visiting the branch.

3. What happens if you miss out on your personal loan EMI?

Missing your personal loan EMI attracts a late payment penalty. Also, missing out on your EMI may lower your credit score aggressively, which may make you ineligible for future loans in the case of any exigency.

Latest Comments

Leave a Comment

200 Characters

Related Information

Read Next


Top 5 Parameters That Determine Your Personal Loan Eligibility


Here’s How You Can Manage Your Finances with A Personal Loan EMI Calculator


Avoid Rejection of Your Personal Loan By Knowing These Eligibility Tips!

Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.