Q. Hi! I work with a private company which credits the salary on the 15th of every month. I have taken a personal loan last month for which the equated monthly instalment (EMI) date has been set as the 7th of every month. I forgot to check the EMI date while taking the loan. Paying EMIs on 7th may get financially taxing for me going forward. Is it possible to get the EMI date changed? Please help. Gurpreet Singh
A. Hi Gurpreet! Your concern about the EMI date is valid. It gets tough for a salaried individual to arrange for funds late in the salary cycle. EMIs are a mode through which funds are automatically debited from your account to your loan account on a date agreed upon with your lender every month.
Changing the EMI date is possible but hinges on your lender’s policies and your loan’s terms and