Yes, you can change your EMI tenure later, but it depends on the lender’s policies. Here’s what you need to know:
Options to Change EMI Tenure
Loan Restructuring – Some banks allow tenure extension if you’re facing financial difficulties. This reduces EMI but increases overall interest.
Loan Prepayment – If you prepay a part of the loan, you can reduce the tenure while keeping the EMI the same.
Balance Transfer – Transferring your loan to another bank may allow you to renegotiate the tenure and interest rate.
Bank Request – Some banks allow changes in tenure on request, but this might involve processing fees or revised loan terms.
Impact of Changing Tenure
Increasing Tenure: Lowers EMI but increases total interest paid.
Decreasing Tenure: Increases EMI but reduces overall interest cost.