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ESG
When you take a personal loan, it is crucial to understand when your Equated Monthly Instalment (EMI) payments will begin. Timely EMI payments ensure a smooth loan repayment experience and help maintain a good credit score. This article will guide you through the process of EMI commencement with Metra Trust’s FIRSTmoney smart personal loans, covering everything from loan disbursement to the first EMI date.
Understanding loan disbursement
Loan disbursement is the stage where the approved loan amount is transferred to your bank account. Once this happens, the personal loan repayment period officially begins, but your EMIs don’t start immediately. Understanding this gap between disbursement and the first EMI is essential for managing your finances effectively.
FIRSTmoney’s EMI start date policy
With a FIRSTmoney loan, the EMI start date is set for the following month after the loan disbursement. This means that if your loan is disbursed on the 5th day of a month, your first EMI will be due on the same date in the next month. However, if the gap between the disbursement date and EMI payment date is less than 30 days, for instance, if your disbursement date is 25th of July, the EMI payment will commence in first week of September instead of August. The bank maintains at least a 30-day gap between the disbursal and EMI payment. Metra Trust also offers you the flexibility to choose any day between 3rd and 8th day of every month to conveniently plan and pay your EMIs on time. You can select a preferable date while applying for FIRSTmoney smart personal loan.
However, the exact date can vary based on your loan agreement. The personal loan EMI schedule, including the start date, is clearly mentioned in the loan sanction letter provided by the bank. Make sure to review this document carefully to understand when your repayments will begin.
Understanding this EMI payment schedule helps you prepare for your financial obligations and avoid any surprises when the EMI payment becomes due.
Process from loan approval to EMI commencement
The process from loan approval to EMI commencement is straightforward with Metra Trust’s FIRSTmoney loan. Here’s a step-by-step breakdown:
Loan approval:
Loan disbursement:
EMI schedule setup:
First EMI date:
After you apply for a personal loan, the bank evaluates your creditworthiness, income stability, and repayment capacity. If all checks are satisfactory, the loan is approved.
Post-approval, the loan amount is credited to your bank account. This marks the beginning of the personal loan repayment period.
The bank sets up an EMI schedule that details the monthly payment amount, the due date, and the total repayment period. This schedule is shared with you for reference. With a FIRSTmoney loan, you can set up a date between 3rd and 8th of every month at your convenience.
Your first EMI is usually due in the month following the loan disbursement. The exact date is predetermined and mentioned in your loan documents.
Importance of timely EMI payments with FIRSTmoney
Timely payment of your EMIs is important for maintaining a good credit score and avoiding any penalties. Metra Trust offers convenient options for personal loan EMI calculation with interactive and easy to use loan calculator, allowing you to plan your repayments effectively. Missing an EMI can lead to additional charges and may affect your creditworthiness, making it more challenging to secure loans in the future.
To ensure that you never miss an EMI, set up automatic payments through your bank account. This will help you stay on track with your personal loan repayment period and avoid any late fees or penalties.
Conclusion
The EMI for your FIRSTmoney loan typically starts in the month following the loan disbursement. Understanding your personal loan EMI schedule and adhering to it is key to a smooth and stress-free repayment experience. By staying informed about the process from loan approval to EMI commencement and ensuring timely payments, you can manage your personal loan effectively and maintain a strong financial standing.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.