Interest
How is my EMI date established?
The establishment of the EMI due date is generally determined by our lender partner. Let’s take a deeper look at all the factors involved.
1. Lender Policy:
Most lenders set a few fixed dates each month (e.g., the 1st, 5th, or 10th) on which all their EMI deductions occur.
2. Disbursement Date:
The first EMI due date is typically set for a fixed date in the month following the month the loan amount was disbursed (transferred to your account).
Example: If the loan is disbursed on October 25th, the first EMI may be due on December 5th. Typically, the lending partner uses an internal cut-off date to determine whether the first EMI is due in the next month or the month after.
3. Loan Agreement & Terms:
The exact EMI due date is a crucial detail that is finalised and legally binding in the loan agreement or disbursement letter you receive from the lending partner.
Please check the Fi app or your loan agreement to get the exact EMI due date.