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How do I skip the EMI of an existing loan?
How do I skip the EMI of an existing loan?

Skip EMIs and recalculate loan terms.

XPayroll avatar
Written by XPayroll
Updated over a year ago

To skip the emi for a particular month of an ongoing loan, refer the following steps

Step 1

Go to Pay Employees > Loans in the left navigation.

Step 2

Click on Manage against the relevant loan

Step 3

Click Skip EMI on the right navigation bar

Step 4

Choose how skipping of the EMI should affect the future re-payments

You can

  1. Choose to increase the total number of EMIs, which will add another month to the total loan tenure.

  2. Choose Increase EMI amount if the employee prefers to finish paying EMIs as per the old schedule

The changes for both the methods will be displayed in the table below for your understanding.
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Once chosen, click on the confirm button at the bottom of the page to save your changes.

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