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If your floating-rate loan EMI has become unaffordable, contact your lender promptly and ask for the revised rate, payment schedule, and available options in writing. For certain EMI-based personal loans in India, RBI directions provide for options such as increasing the EMI, extending the tenure, combining the two, or prepaying. A switch to a fixed rate may be offered under the lender’s policy, but it is not guaranteed for every loan. The rules discussed here are India-specific and do not cover every loan product.
First, check what changed and when
Before a payment is missed, if possible, contact the lender using an official channel. Explain that the EMI is no longer affordable and ask for the account details and options in writing. Do not assume that a payment holiday, waiver, or restructuring will be granted; the rules do not create a universal entitlement to those forms of relief.
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Request the benchmark and spread used to set your rate, the revised annualised interest rate, the new EMI, principal outstanding, remaining instalments, and the reset’s effective date. Compare these with your loan agreement and latest statement. For covered loans, lenders must communicate the impact of a rate reset and provide a quarterly statement showing items including principal and interest recovered, EMI, number of EMIs remaining, and annualised rate or APR. See the RBI master directions on floating-rate EMI-based personal loans and the RBI FAQ on the reset circular.
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Compare the repayment options
Ask the lender to calculate the remaining interest, charges, and payoff date for each option that is available to you. Compare the monthly payment against the total remaining cost, how long the loan will run, and whether you remain exposed to future rate resets.
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| Option | What changes | What to get in writing |
|---|---|---|
| Increase the EMI | The periodic payment rises; the loan may avoid an extension of its term. | Revised EMI, effective date, remaining interest, and payoff date. |
| Extend the tenure | The payment may fall by spreading repayment over more instalments, but the debt remains outstanding longer. | New end date, remaining interest, maximum permitted term, and confirmation that the schedule will not result in negative amortisation. |
| Combine an EMI increase with a tenure extension | Part of the adjustment is made through a higher payment and part through additional time. | Exact EMI, number of instalments, payoff date, and remaining cost. |
| Switch to a fixed rate, if offered | The rate structure changes according to the lender’s policy and the terms offered. | New rate and its duration, eligibility and conditions, switching charge, and whether further switches are allowed. |
| Make a part or full prepayment | A part-payment reduces the balance; full prepayment repays the loan. | Minimum amount, timing, how the payment will be applied, applicable charges, and the revised schedule or closure statement. |
Under the RBI directions, a covered borrower can be offered the choice of increasing the EMI, extending the tenure, or using a combination, as well as part or full prepayment, subject to applicable instructions. A lender may offer a fixed-rate switch under its board-approved policy; that policy may limit how often a borrower can switch. The directions also require applicable switching and administrative charges to be disclosed in the sanction letter and when those charges change. They prohibit a tenure extension that results in negative amortisation. A longer tenure can lower the periodic instalment while increasing the time debt remains outstanding, so use the lender’s figures rather than assuming it will reduce your total cost.
Check whether the rules apply to your loan
RBI’s reset framework is not a blanket rule for every floating-rate loan. Its FAQ says it applies to equated periodic instalment-based personal loans; the directions address equated instalment loans with different payment periodicities. Confirm your loan type, repayment structure, lender, agreement, and jurisdiction before treating an option as a right. For a product outside the stated coverage, your contract and other applicable rules may determine what the lender must offer.
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Check prepayment charges before paying extra
Ask the lender for the amount and timing required for a part-payment, how it will be applied to the balance, and any charge that applies to your loan. Government of India guidance says banks cannot levy foreclosure or prepayment penalties on floating-rate term loans to individuals for non-business purposes. That scope is specific: verify that your lender, loan, and purpose meet it rather than assuming all borrowers can prepay without a charge. See the Ministry of Finance’s Banking guidance.
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Save the reset notice, statements, loan agreement, requests, and lender replies. If your complaint concerns service by an RBI-regulated entity and the lender’s response is unsatisfactory—or there is no reply within 30 days—the Department of Financial Services says you may use the RBI Ombudsman mechanism. This is a route for unresolved service complaints; it does not require the lender to approve a requested repayment change. The same government page describes 90 days overdue on principal or interest for a term loan as the stated threshold for classification as an NPA. That is a delinquency consequence, not a grace period or a reason to wait before contacting the lender.
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