Medical treatment fees, repair costs, or travel expenses are significant financial requirements. You cannot meet them with your monthly income. You may consider utilising your savings and investments. However, that can disturb your long-term financial plan. So, applying for a Personal Loan lets you figure your way out. They are a versatile financing option. You need to meet the basic eligibility criteria to avail the Loan.

All bank’s eligibility criteria differ, so reach out to your bank for specific information. You can also use the Personal Loan EMI calculator to determine your eligibility and subsequently plan the equated monthly instalments.  

About Personal Loan repayments

You can quickly repay Personal Loan amount as EMIs. This amount is obtained by including a component of the principal amount and the interest incurred. In the initial repayment phase, the interest component is higher. It gradually decreases as the repayment tenure progresses. You should consider the EMI payable before applying for a Loan. You should ensure that the EMI payable is within your affordability.

This way, you can repay your Loan amount without feeling burdened or defaulting. You are aware of your EMI payable using the Personal Loan EMI calculator.

About Personal Loan EMI due date

Every bank follows a particular Loan EMI due date. You need to pay them before or on the due date. Failing to meet the EMI due date draws a penalty. It also negatively impacts your credit score. Hence, you should keep up with the due date to avoid any liabilities. You should be aware of it and ensure your account holds the necessary funds to make the EMI payment. Y

You can also automate your EMI payments. This way, the payable amount gets automatically deducted from your Bank Account, and you do not default.  

Changing the EMI due date

Typically, the bank sets the Personal Loan EMI due date. A few banks let you adjust the due date per your salary credit date. For instance, if the bank’s due date is the 5th of every month, while your salary is credited on the 7th of every month, you may face challenges in keeping up with the due date.

You can consider using the Personal Loan calculator to see if you can pay the EMI amount on the bank’s due date. If not, you can contact your bank to change the EMI due date.