Help Centre

EMI Date

Your EMI date will always be on the 5th of every month. 

• If you have taken a loan on or before the 15th of a month, your first EMI date will be the 5th of the next month. For example, if you take a loan on 10th May, then your first EMI date will be 5th June.
• If you have taken a loan after the 15th of a month, your first EMI date will be the 5th of the month after (one month after the next month). For example, if you take a loan on 20th May, then your first EMI date will be 5th July.

EMI repayment

• By default, the EMI amount will be automatically debited on the 5th of every month. This happens because of the auto-debit you set up while taking a loan. It allows Prefr (lending partner) to request your bank to debit the EMI amount on the EMI date.
• You also have an option to manually pay for an EMI using the “Pay Now” option on the loans page. This allows you to manually make partial or full payments for one or more EMIs. For example, if you have a loan o Rs. 100 and the EMI is Rs. 10 per month.                                                                                                                                                         

Example 1 - You can use the Pay Now option to pay Rs. 10 before the EMI date - in this case, no auto-debit request needs to be sent to your bank on the EMI date. 

Example 2 - You can use the Pay Now option to pay Rs. 7 before the EMI date - in this case, the auto-debit request will only go for Rs. 3 on the EMI date (Rs. 10 EMI - Rs. 7 already paid).

Example 3 - You can use the Pay Now option to pay Rs. 12 before the EMI date - in this case, no auto-debit request will be sent for the upcoming EMI. The extra Rs. 12 that you have paid will get adjusted in the next EMI.

Important: We recommend not to use the Pay Now option from 3rd to 5th (as an auto-debit request goes between these dates. We don’t want your money to get debited twice).