![]() In case of rate change in the floating interest rate: Some lenders offer personal loans at floating rate of interest, which are linked to their external benchmark rates.Read in Detail: Pros and Cons of Personal Loan Prepayment Otherwise, reducing tenure is more beneficial as doing so will reduce your loan’s overall interest cost. So, you can choose to reduce EMIs if current EMI amount is causing strain in your finances. In case of loan prepayment: After prepaying your personal loan, you can either reduce EMIs for the same tenure or reduce the tenure for the same EMIs. ![]() Yes, even though your personal loan EMI is usually a fixed amount, it can change during the loan tenure under certain circumstances: ![]() This is usually a fixed charge levied each time an automated EMI deduction fails or the post-dated cheque bounces.Īlso Look Into: Other fees and charges related to personal loans Can my personal loan EMI change during the loan tenure?
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