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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 IDFC FIRST Bank’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. IDFC FIRST Bank 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 IDFC FIRST Bank’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. IDFC FIRST Bank offers convenient options for personal loan EMI calculation made easy with an interactive and user-friendly personal loan EMI 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.
Frequently Asked Questions
An EMI schedule is a simple month by month roadmap for your loan. It lists the due date for each instalment, the fixed EMI amount, and how much of that EMI goes towards interest versus principal in that month. It also shows the opening balance at the start of the period and the closing balance after the payment. Reading the schedule helps you see how the interest share declines over time while the principal share rises, until the loan closes.
The FIRSTmoney EMI schedule follows a clear tabular format. For each month you will usually see the due date, the EMI, the interest charged on the outstanding balance, the principal portion, and the new closing balance after payment. The schedule may also display the loan account number, start date, end date, and any holidays that shift the debit date to the next working day. Use it to track progress, plan prepayments, and verify that debits match your agreed repayment plan. You can check the amortization schedule for your offer using the personal loan calculator.
You can request a change in your EMI due date, subject to policy, eligibility, and processing windows. Some products allow a one time or limited number of changes, while others keep the original date fixed. A fee may apply, and your mandate may need to be re-registered. Aligning the date with your salary credit can reduce missed debits. Place the request through the app, netbanking, or a branch, and collect written confirmation with the revised schedule for your records.
Yes, in most cases. A part prepayment reduces principal early, so the schedule usually updates after processing. Depending on product rules you may choose to keep the EMI unchanged and shorten the tenure, or reduce the EMI while keeping similar tenure. Ask for a revised amortisation statement that shows the new interest and principal split month by month. Check whether prepayment charges, lock in periods, or minimum amounts apply before paying, then keep the updated schedule in your records safely.
Open the app or NetBanking and check your loan details, statements, or downloads section for an amortisation schedule. It is often available as a PDF that you can save. If you cannot find it, search your welcome documents or email inbox. You can also raise a service request or visit a branch and ask for a fresh schedule dated today. Verify that account number, rate, tenure, and EMI match your current terms before you store the file for future reference.
For FIRSTmoney personal loan, open the IDFC FIRST Bank app, click on the Loans icon at the bottom of the app, click on the FIRSTmoney card and tap on View Details. You will find your Repayment Schedule under Loan Documents.
Most schedules provide a detailed split for each instalment that shows interest and principal, along with opening and closing balances. If your statement only summarises totals for a period, ask specifically for the amortisation schedule to see the month-by-month breakdown. This view helps you plan part prepayments, estimate interest savings, and track progress towards closure. Keep copies of older versions if you prepay, since each change generates a new schedule that replaces the earlier one for your records.
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 IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank 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.