How to Change Bank Account for EMI Payment?

How to Change the Bank Account for EMI Payments

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How to Change the Bank Account for EMI Payments

3 min 11 Apr 2025

Highlights:

Steps to Update Your Bank Account Details for Home Loan EMI Payments

The request to change the bank account from which your Home Loan EMI is deducted is a common one for numerous reasons -- you may have switched salary accounts, opened a new account, or simply wished to consolidate your finances.

Borrowers can be at ease knowing that the process to swap EMI bank account details is quick and seamless—easily completed through the BHFL Customer Portal.

Here, we walk you through how to change your EMI payment account, when to consider doing it, and what to keep in mind during the process.

Steps to Update Your Bank Account Details for Home Loan EMI Payments

You can initiate your request to change your EMI bank account online through the BHFL Customer Portal:

1. Login to the Customer Portal using your registered mobile number or Customer ID (CIF).

2. Go to the ‘Request’ section from the left-hand side menu.

3. Click on ‘Manage Repayment Account’ from the dropdown options.

4. Select the Loan Account Number for which you wish to update the repayment account.

5. Choose the relevant Request Type:

a. E-Mandate Registration – if registering a new repayment account

b. Swap Repayment Bank – if changing from one account to another

6. Upload the necessary documents:

a. A cancelled cheque of the new bank account

b. A salary slip, if requested

c. A mandate form, in case your bank is not eligible for e-Mandate

7. After submission, you will receive a link for e-Mandate registration. Complete authentication using your debit card or net banking.

8. Once authenticated, your new EMI bank account will be linked in 4–5 working days.

Note: If your new bank is not eligible for e-Mandate, you will need to visit the nearest branch for NACH registration, which may take 15–20 working days to process.

Frequently Asked Questions

You can update your EMI bank account by logging into the Customer Portal and submitting a request under ‘Manage Repayment Account’.

You may need to upload a cancelled cheque of your new bank account, and in some cases, a salary slip or a signed mandate form.

Once your e-Mandate is successfully authenticated, the new account will be linked within 4–5 working days.

No, there are no charges for changing your EMI repayment account.

No, updating your bank account for EMI payments does not impact your credit score in any way.

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