3 min
04-March -2025
Changing your EMI bank account details for a home loan is essential if you've switched banks, updated your primary account, or want to ensure hassle-free repayments. Keeping your loan account updated with the correct banking details helps you avoid missed payments, penalties, and disruptions to your credit score. Whether you're looking to streamline your financial management or have simply shifted to a new banking partner, updating your EMI account information is a straightforward yet crucial step. Understanding the process, potential challenges, and required documents will make the transition seamless. Below, we break down the importance of changing your EMI bank account details, the steps involved, and common issues you might face during the update process.
Loan repayment convenience – Updating your account details to an easily manageable or preferred account simplifies tracking and managing loan payments.
Auto-debit authorisation – A new account requires fresh NACH (National Automated Clearing House) authorization to avoid failed EMI deductions.
Interest rate benefits – Some banks offer better interest rates on home loans linked to specific accounts, making switching beneficial.
Salary account change – If your employer has switched your salary account, updating your EMI details ensures continued auto-debit functionality.
Avoid late payment penalties – Incorrect or outdated bank details can result in missed payments, affecting your credit score.
Bank mergers or closures – If your bank undergoes structural changes, like a merger, updating your EMI details prevents transaction failures.
Joint loan adjustments – If your home loan is shared and financial responsibilities have shifted, updating your EMI account details is necessary.
Obtain the required forms – Most banks require a request form for EMI account modification.
Fill in the details – Accurately enter your new bank account information, ensuring no errors in the account number and IFSC code.
Submit a cancelled cheque – Provide a cancelled cheque from your new account as proof.
Update NACH mandate – Sign and submit a fresh NACH authorization form to allow auto-debit from your new account.
Provide ID & address proof – Some banks may request identity and address verification for security purposes.
Confirm with your bank – Check with your new bank if additional authorization is needed.
Processing time – Banks typically take a few days to verify and update your EMI account details.
Monitor EMI deductions – Keep an eye on the first few EMI transactions from the new account to ensure smooth processing.
Obtain confirmation – Request a confirmation letter or email from the lender stating that the account details have been updated successfully.
Incorrect information – Any mismatch in the account number or IFSC code can lead to rejection.
NACH Rejection – If the new mandate is not processed correctly, auto-debit may fail.
Insufficient bank balance – Ensure the new account has sufficient funds when the first EMI is deducted.
Non-submission of required documents – Missing documents like a cancelled cheque or ID proof can delay processing.
Bank-specific policies – Different banks have varying procedures, so understanding specific requirements is necessary.
System errors – Technical glitches may cause updates to not reflect immediately in the lender’s system.
Communication gaps – Failure to notify both banks (old and new) can create complications.
Joint loan account issues – If it’s a joint loan, both parties may need to sign the update request.
Missed payment penalty – Any delay in updating details can result in late fees or a negative impact on your credit score.
Navigate to the section related to loan services or account management.
Locate the option to update bank account details for EMI payments.
Fill in the required details, such as new bank account number, IFSC code, and account holder’s name.
Upload necessary documents like a cancelled cheque for the new bank account and identity proof.
Verify the details before proceeding further.
Submit the request for bank account updating.
Some lenders might require additional authentication, such as an OTP verification on your registered mobile number.
Once submitted, you may receive an acknowledgement or reference number for tracking the request.
The processing time may vary, and you may receive a confirmation via email or SMS.
Ensure that sufficient funds are available in the new account for the next EMI debit.
Visit the home loan prepayment section to understand how prepaying your loan can help you save on interest.
For more details regarding your home loan, check the home loan details page.
Request a form for updating EMI bank account details from the customer service desk.
Fill out the form accurately, including details of the new bank account.
Attach a cancelled cheque from the new account and a valid identity proof.
Submit the completed form and documents to the bank executive.
Some lenders may require you to submit a NACH (National Automated Clearing House) mandate for automatic EMI deduction.
The bank executive may verify your details before accepting the request.
Obtain an acknowledgement receipt for tracking the status of your request.
The processing time may vary, and confirmation will be sent via SMS or email.
Ensure the old bank account has sufficient balance until the new account is updated successfully.
Visit the home loan prepayment section to explore ways to reduce your loan burden.
Get more insights into your loan journey by visiting home loan details.
A cancelled cheque from the new bank account to verify account details.
A self-attested copy of a valid identity proof (Aadhaar, PAN, passport, or voter ID).
Latest bank statement showing account holder’s name and account number.
NACH mandate form, if required by the lender, for automatic EMI deduction.
Proof of address (if there’s a change in address along with bank details update).
Loan account details such as loan account number or customer ID.
Recent passport-size photograph (if required).
If the loan is jointly held, both applicants may need to sign the request form.
Any additional documents requested by the lender for verification.
Submit these documents either through an online portal (if allowed) or physically at the branch.
Processing time may vary based on the document verification and approval process.
Track the update request through the lender’s official website or customer care.
Learn how prepaying your home loan can be beneficial by visiting home loan prepayment.
Stay updated with your loan information through home loan details.
ConclusionUpdating your EMI bank account details is a straightforward process, whether done online or offline. Ensuring accurate information and providing the required documents will help avoid EMI payment disruptions. The online process is quicker and more convenient, while the offline method is helpful for those who prefer direct interaction. Always check with your lender regarding processing timelines and requirements. For those looking to manage their loan effectively, considering home loan prepayment can help reduce financial burdens. Stay informed about your loan journey through home loan details.
Why change your EMI bank account details for a home loan?
Bank account switch – If you have changed your salary or savings account to a new bank, updating your EMI payment source is necessary to ensure seamless transactions.Loan repayment convenience – Updating your account details to an easily manageable or preferred account simplifies tracking and managing loan payments.
Auto-debit authorisation – A new account requires fresh NACH (National Automated Clearing House) authorization to avoid failed EMI deductions.
Interest rate benefits – Some banks offer better interest rates on home loans linked to specific accounts, making switching beneficial.
Salary account change – If your employer has switched your salary account, updating your EMI details ensures continued auto-debit functionality.
Avoid late payment penalties – Incorrect or outdated bank details can result in missed payments, affecting your credit score.
Bank mergers or closures – If your bank undergoes structural changes, like a merger, updating your EMI details prevents transaction failures.
Joint loan adjustments – If your home loan is shared and financial responsibilities have shifted, updating your EMI account details is necessary.
Steps to update EMI account information for a home loan
Contact your lender – Reach out to your bank or lending institution to understand their process for updating EMI bank account details.Obtain the required forms – Most banks require a request form for EMI account modification.
Fill in the details – Accurately enter your new bank account information, ensuring no errors in the account number and IFSC code.
Submit a cancelled cheque – Provide a cancelled cheque from your new account as proof.
Update NACH mandate – Sign and submit a fresh NACH authorization form to allow auto-debit from your new account.
Provide ID & address proof – Some banks may request identity and address verification for security purposes.
Confirm with your bank – Check with your new bank if additional authorization is needed.
Processing time – Banks typically take a few days to verify and update your EMI account details.
Monitor EMI deductions – Keep an eye on the first few EMI transactions from the new account to ensure smooth processing.
Obtain confirmation – Request a confirmation letter or email from the lender stating that the account details have been updated successfully.
Common issues while changing EMI bank account details
Delayed processing – Banks may take longer than expected to update details, causing missed EMIs.Incorrect information – Any mismatch in the account number or IFSC code can lead to rejection.
NACH Rejection – If the new mandate is not processed correctly, auto-debit may fail.
Insufficient bank balance – Ensure the new account has sufficient funds when the first EMI is deducted.
Non-submission of required documents – Missing documents like a cancelled cheque or ID proof can delay processing.
Bank-specific policies – Different banks have varying procedures, so understanding specific requirements is necessary.
System errors – Technical glitches may cause updates to not reflect immediately in the lender’s system.
Communication gaps – Failure to notify both banks (old and new) can create complications.
Joint loan account issues – If it’s a joint loan, both parties may need to sign the update request.
Missed payment penalty – Any delay in updating details can result in late fees or a negative impact on your credit score.
Online process for updating EMI bank account details
Log in to your lender’s official website or mobile app using your registered credentials.Navigate to the section related to loan services or account management.
Locate the option to update bank account details for EMI payments.
Fill in the required details, such as new bank account number, IFSC code, and account holder’s name.
Upload necessary documents like a cancelled cheque for the new bank account and identity proof.
Verify the details before proceeding further.
Submit the request for bank account updating.
Some lenders might require additional authentication, such as an OTP verification on your registered mobile number.
Once submitted, you may receive an acknowledgement or reference number for tracking the request.
The processing time may vary, and you may receive a confirmation via email or SMS.
Ensure that sufficient funds are available in the new account for the next EMI debit.
Visit the home loan prepayment section to understand how prepaying your loan can help you save on interest.
For more details regarding your home loan, check the home loan details page.
Offline process for changing EMI bank account details
Visit the nearest branch of your lender with the necessary documents.Request a form for updating EMI bank account details from the customer service desk.
Fill out the form accurately, including details of the new bank account.
Attach a cancelled cheque from the new account and a valid identity proof.
Submit the completed form and documents to the bank executive.
Some lenders may require you to submit a NACH (National Automated Clearing House) mandate for automatic EMI deduction.
The bank executive may verify your details before accepting the request.
Obtain an acknowledgement receipt for tracking the status of your request.
The processing time may vary, and confirmation will be sent via SMS or email.
Ensure the old bank account has sufficient balance until the new account is updated successfully.
Visit the home loan prepayment section to explore ways to reduce your loan burden.
Get more insights into your loan journey by visiting home loan details.
Documents required for EMI bank account details update
Duly filled the bank account update form (available online or at the branch).A cancelled cheque from the new bank account to verify account details.
A self-attested copy of a valid identity proof (Aadhaar, PAN, passport, or voter ID).
Latest bank statement showing account holder’s name and account number.
NACH mandate form, if required by the lender, for automatic EMI deduction.
Proof of address (if there’s a change in address along with bank details update).
Loan account details such as loan account number or customer ID.
Recent passport-size photograph (if required).
If the loan is jointly held, both applicants may need to sign the request form.
Any additional documents requested by the lender for verification.
Submit these documents either through an online portal (if allowed) or physically at the branch.
Processing time may vary based on the document verification and approval process.
Track the update request through the lender’s official website or customer care.
Learn how prepaying your home loan can be beneficial by visiting home loan prepayment.
Stay updated with your loan information through home loan details.
ConclusionUpdating your EMI bank account details is a straightforward process, whether done online or offline. Ensuring accurate information and providing the required documents will help avoid EMI payment disruptions. The online process is quicker and more convenient, while the offline method is helpful for those who prefer direct interaction. Always check with your lender regarding processing timelines and requirements. For those looking to manage their loan effectively, considering home loan prepayment can help reduce financial burdens. Stay informed about your loan journey through home loan details.
