When you take a loan, whether it is for a house, a car, school, or for any other reason you may take a loan, you are now bound to pay fixed payments, known as EMIs (Equated monthly Installments).
Keeping track of your EMIs is essential, and that is where a Loan EMI Statement helps. A Loan EMI Statement is more than just a list of paybacks; it is a financial tracker that keeps you organized, helps you avoid mistakes, and provides you with useful information for governing your loan. In this article, we will learn what a Loan EMI Statement is, its importance, and how to make a useful Loan EMI Statement.
What do borrowers require EMI statements for?
To closely watch how the loan is doing
In India, where many people take long-term loans like property loans that span 20 to 30 years, keeping track of payments is highly vital. EMI statements make it easy to see how much of your payment goes towards the principal and how much goes towards the interest. This lets you see how much of your EMI is going towards paying off the loan and how much is going towards paying off the interest. It’s also crucial to think about partial prepayment options, which are common here because of annual bonuses or the termination of savings plans.
To keep from paying late and getting fines
In India, banks and NBFCs incur fees and let credit bureaus like CIBIL know when EMIs are missed. Not paying on time could harm your credit score and make it difficult for you to receive credit in the future. An EMI statement is a monthly list of your bills that makes sure you always know when they are due.
To plan your money better
When individuals have to pay for school, SIPs, LIC premiums, and other things at the same time, they frequently construct budgets based on their EMIs. A detailed EMI statement helps you keep track of your money, rethink how you spend it, and decide when to pay off your loan early or boost your EMI if your income goes up. It helps you stay mindful of your money habits and in control of your financial health.
To make the most of your taxes
You can deduct the EMIs on your home loan and education loan under Indian tax legislation in sections 24(b), 80C, and 80E. You can use EMI statements as documentation of the interest and principal payments you make every year. This is very crucial when you file your ITR, especially if you want to pay fewer taxes and work for yourself or someone else.
To show that it is legal and financially sound
When you apply for a second loan, a credit card, or even a rental agreement, Indian banks and landlords sometimes ask for EMI statements as proof of payment. They help you stay to your budget, build trust in your credit, and make your case for better loan terms.
To keep an eye on how well amortisation works
A lot of people in India prefer loans with adjustable interest rates or hybrid loans. EMI statements tell you how much of your payment goes towards interest and how much goes towards paying off the debt. When checking other loan options or switching lenders via the RBI’s balance transfer facility, this information is quite helpful.
To be ready for things that have to do with loans
Changes in the repo rate (for RBI’s EBLR-linked loans), insurance premiums added to loans, or restructuring plans (like those that happened after COVID) can all change the amount of your EMI. You may stay up to date on changes by regularly monitoring your EMI bills. You can then take action before they happen, such as altering your budget or talking to your lender.
Key Details Included in a Loan EMI Statement
- The loan account number
Your bank or NBFC gives you this special or unique number. You need the loan account number for any correspondence, payment, or service request linked to the loan. You need to include this unique identity when you ask for balance statements, modify information, or ask enquiries.
- The amount of EMI and when it is due
It helps you figure out how much you have to pay each month. So, every payment has a due date, which is when reminders can be sent out. Set up standing orders or automatic payments so you don’t miss payments and have to pay fines.
- How the Principal and Interest are divided
It makes it very obvious how much of the EMI goes towards paying off the principal and how much goes towards paying interest. It helps you figure out how rapidly your principal is going down, especially at first when interest rates are high. Also helps you figure out if paying off the loan early will save you a lot of money in interest.
- The loan’s remaining amount
You need to know how much of the principal you still owe. It helps you keep track of loans and make partial payments. It also enables you to receive a top-up loan, change your balance, or figure out how much you owe.
- History of payments
It gives a full record of all EMI transactions, including the dates, amounts, and whether they were paid or not. It shows that you are responsible with your money if you apply for a loan or have a disagreement about your CIBIL score. It is especially helpful for settling disagreements with lenders or figuring out missed payments
- Schedule for repayment
The loan EMI statement gives you a list of all your EMIs to the end of the loan term, along with the dates of the next payments. This helps you plan your budget for the next few months or make sure your cash flows are in line with your EMI payments. Whether planning your vacations, big purchases, or investments, this clarity will ensure you don’t run out of money.
- The length of the loan and the interest rate
The statement also shows your current interest rate, which is very significant for floating rate loans that fall under the RBI’s EBLR/MCLR structure. It shows how long the loan is and how much time you have remaining. This helps you compare refinance offers, understand your long-term responsibilities, or talk to your lender about changing the terms of your loan.
- Any payments paid in full or in part
It shows if you’ve paid anything up front to lower your principal. Also gives you a fair understanding of how it would affect future EMI payments or lower interest payments. This helps people make better financial plans by using extra or bonus money.
- Details about the loan type and product
To recall if your loan is for a car, a house, school, or personal reasons, the statement is a great reference. It tells you about the product, such as whether the rate is set or variable, the processing fee, and any insurance that comes with it. This proves useful when submitting taxes, making financial disclosures, or changing lenders.
Importance of the Loan EMI statement
Your Loan EMI statement is more than just a piece of paper; it’s a way to keep track of your debt. Your EMI statement is the most significant document to keep an eye on, manage, and make the most of your loan experience, whether you’re borrowing for the first time or have been doing it for a while. It’s not enough to just make your payments on time. You also need to understand how to budget, save money on taxes, preserve records, and plan for the future. This is a very essential point, especially in India, where tax planning, budgeting, and credit records are all tied to different types of loans, such as those for a house, school, personal usage, and cars.
Here are the reasons:
Helps you keep track of EMI payments and how much you still owe
- Stay in the loop: Your EMI statement tells you in real time how much you’ve paid so far, how much you still owe, and how your payments are going. This makes things easier, especially when it comes to long-term payments like mortgages or school loans that have moratoriums.
- Don’t forget to pay: Since you have so many other obligations to pay, including SIPs, utility bills, and insurance fees, you can forget when your EMI payments are due. The statement is both a reminder and a record, which makes it less likely that you will miss EMIs, pay late penalties, or have your credit score go down.
- Easily uncover faults: You may easily uncover faults on your account, such as payments that were reported late by mistake, erroneous interest charges, or prepayments that weren’t filed. You should then communicate with your lender about them right away.
Helps in planning taxes and taking deductions
- Add interest and the original amount to claims: Sections 80C (repayment of house loans principal), 24(b) (home loans interest), and 80E (college loan interest) all utilise EMI statements to lower their tax bills. You can only claim these deductions if you can show proof, such as your EMI statement.
- Be sure to file correctly: Your CA or tax-filing software can easily calculate out your deductions because the statement clearly shows how much principal and interest you paid over the course of the year.
- Put your money into things that will save you the most money on taxes: You may make the most of the ₹1.5 lakh limit by planning your other 80C investments, such as PPF, ELSS, or insurance, around how much you have to pay back each year.
Helps you keep better track of your debts and organise your money better
- Total loan cost: The EMI statement shows you your current interest rate, how much interest you’ve paid so far, and how much time you have left to pay off your loan. This tells you how much your loan will cost in the long run.
- Interest payment over the long term: You can easily see the amortisation schedule, which helps you decide when to make partial payments to minimise your interest payments. This is especially essential in India, as individuals frequently pay off their loans with bonuses from festivals or FDs.
- Cash flow management: EMI plans let you organise your monthly expenses so you can save, live your life, and make loan payments without worrying about it.
Helps your credit score and makes you ready for loans in the future
- Proof of paying back on time: Your credit history gets boosted every time you make an EMI payment. This is especially crucial if you want to receive a loan, a credit card, or even rent an apartment in a major city where they check your credit history extremely meticulously. A good EMI statement equals a high CIBIL score, which is vital for achieving low interest rates and speedy approvals.
- Future loan availability: When banks and NBFCs look at your profile for a top-up loan or balance transfer, they usually ask for EMI statements. It displays how responsible you are, how often you pay your bills, and how much you owe right now.
How to Get a Loan EMI Statement?
Download EMI Statement from Bank Websites
Most banks provide EMI statements on their internet banking portals. Just log in, go to your loan account, and look for the “Statements” or “Download EMI Statement” option.
Get EMI Statements from Loan Apps & NBFCs
If your loan is from an NBFC or a digital lender, check their mobile app or website. Many offer instant EMI statements that you can view or download in just a few taps.
Requesting a Physical EMI Statement from Lenders
Prefer a hard copy? You can request one by visiting the bank or calling customer care. Some banks may charge a small fee for this service.
How to Read a Loan EMI Statement?
Understanding EMI Breakdown – Principal & Interest
Each EMI is made up of two parts: principal (the actual loan amount) and interest. The statement will show how much of each EMI goes towards principal and how much towards interest.
Checking Outstanding Loan Balance & Prepayment Options
Your statement will mention the total remaining balance. It might also include details about part-payment or foreclosure, helping you decide if you want to repay early.
Identifying Any Late Payment Charges or Fees
If you missed an EMI or paid late, the statement will highlight the penalties. Make sure to review these charges to ensure they’re accurate.
What’s The Difference Between EMI Statement & Account Statement
EMI Statement: Monthly Repayment Snapshot
An EMI statement focuses on your monthly repayment schedule. It shows the EMI amount, due dates, and a clear breakdown of how much goes toward the principal and interest each month. It’s ideal for tracking payments regularly and avoiding missed deadlines.
Loan Account Statement: Complete Loan History
A loan account statement offers a detailed view of your entire loan journey. It includes the loan disbursement amount, all EMI payments made, any prepayments, interest charged, penalties (if any), and adjustments. It gives you a full financial picture of your loan.
Purpose and Use
Use the EMI statement for monthly tracking and budgeting. The loan account statement is better for reviewing your full repayment history, verifying charges, or preparing for loan closure or refinancing.
What is the difference between an EMI statement and a Loan account statement?
EMI and Loan Account Statements can both help you keep track of your bills, but they do so in different ways and with different quantities of information.
EMI Statement: A monthly glance at your payments
Every month, you get an EMI statement that tells you when you need to pay back your loan. It’s a great way to keep track of your monthly budget, make sure you don’t miss any EMIs, and keep your money in line, especially if you have a lot of loans to pay off.
It tells you:
- What you owe this month
- What part is the principal, and what part is the interest?
- The amount of your loan and when it is due
Loan Account Statement: A Full Picture of the Life of a Loan
A Loan Account Statement tells you all you need to know about your loan. Use this when you want to stop a loan, check your fees, ask for a balance transfer, or make a service request. It’s an image of your vow to pay your debts in full.
It has:
- Date and amount of the loan payment
- All EMI transactions, whether they are done or still in progress
- Information about part-prepayments, interest rates, fees, fines, and the final settlement
Comparison Table: EMI Statement vs. Loan Account Statement
| Feature | EMI Statement | Loan Account Statement |
| Purpose | Track monthly EMIs and due dates | View the entire loan history and financial transactions |
| Scope | Single month’s repayment status | Complete lifecycle of the loan |
| Focus | EMI amount, due date, interest vs. principal split | Disbursement, EMIs, prepayments, interest, and penalties |
| Content | Loan account number, EMI breakdown, and outstanding loan | All loan transactions, charges, and interest accruals |
| Usage | Monthly tracking, budget planning | Loan closure, refinance checks, and dispute resolution |
| Best For | Avoiding missed payments, planning prepayment | Reviewing financial accuracy, loan restructuring |
| Frequency | Usually monthly or on request | On request (quarterly, annually, or for the full duration) |
| Ideal Users | Borrowers tracking short-term repayment | Borrowers planning long-term decisions |
When to Use Each Statement for Planning Your Money
EMI statements and loan account statements are both important for good financial planning, but they do different things. Knowing when to utilise each document may help you keep track of your loans, get the most out of your tax benefits, plan your prepayments, and take care of your credit health in a sensible way.
When you want to, use EMI statements:
- Keep track of monthly payments:
Keep an eye on how much you owe each month, being sure to separate the principal from the interest. This makes sure you never miss a payment and helps you prevent late fees and damage to your credit score.
- Keep track of your monthly budget:
Make sure your EMI payments match up with your income and other costs. This is helpful for those who work full-time or families that have to pay for things like SIPs, insurance payments, or rent.
- Make a plan for tax deductions:
You can deduct the interest and principal parts of your EMI statement if you’re paying off a house loan or an education loan. It’s your go-to guide during tax season.
- Set up part-prepayments:
Use the EMI statement to figure out if a part-prepayment is a good idea when you have a bonus or a windfall. You’ll be able to see how much principal is left and how prepaying can affect your interest payments.
- Keep a clean record of payments:
If you’re asking for a credit card or a top-up loan, indicating that you make regular EMI payments on your account will make lenders trust you more.
- Check how the floating rate affects things:
Changes in EMI for variable interest rate loans are caused by changes in the repo rate. Use your statement to see how these changes influence your monthly payments and make plans to change them.
When you want to, use loan account statements:
- Look at the whole history of the loan:
This is the record you need to see the whole financial picture, from the loan’s disbursement to every payment, part-prepayment, and interest that has been added throughout time.
- Check charges or disputes:
Are you unsure about a fee or a penalty? The account statement shows you every rupee that was charged or credited to your loan, which makes it easier to make precise service requests.
- Get ready to close the loan:
The loan account summary helps you figure out exactly how much you need to pay when you’re close to the end of your loan or intend to pay it off in full. It also makes sure there are no surprises.
- Request a balance transfer:
When you move your loan to a different bank for better interest rates or services, the bank needs to see your loan account statement to see how you are paying it back.
- Do yearly reviews of your finances:
Perfect for year-end assessments to see how much you’ve paid, how much interest you’ve paid, and whether you need to refinance or restructure.
- Use as proof in financial applications:
Long-term records are typically needed for visa applications, tax audits, or loan applications. A loan account statement is a legal document that shows you are financially responsible.
Common Issues & Solutions Related to EMI Statements
EMI statements are meant to clear things up, but sometimes borrowers have problems or differences that need to be fixed right away. Knowing about typical problems and how to fix them might help you keep your credit score high and prevent extra fees.
EMI that is missing or wrong
Issue: Your statement doesn’t show that you paid your EMI, or it says that it hasn’t been paid.
Solution: Check your bank statement or UPI/NEFT receipt to be sure. You may provide this proof (payment ID/reference number) to your lender through customer care, email, or the app. Get a written proof of the revision to make sure your credit score doesn’t go down.
Payments that don’t count or extra fees
Issue: The amount of your EMI is larger than you wanted or has fees that weren’t specified.
Solution: Find out why the higher fee is; can be due to processing costs, bundling insurance, or a change to the GST. Send in a support ticket and provide screenshots of the transaction. Then ask for a breakdown of the charges.
Incorrect Interest Calculation
Issue: Wrong interest calculation makes the amount of interest seem to be more than it really is.
Solution: Check to see if your loan’s interest rate is connected to the RBI’s repo rate. Changes in the rate may change the EMI. Get an amortisation schedule or a record of rate changes from your lender.
Missing Prepayment Acknowledgement
Issue: You made a partial payment, but it doesn’t show up.
Solution: Send the evidence of payment and the date of payment for NEFT/RTGS. Ask for a fresh statement that shows a lower principal and a new EMI schedule (if you choose to do it). Make sure the bank sends you a letter or other communication letting you know about your prepayment.
Old Information in the Statement
Issue: The EMI calendar, term, or interest rate numbers look like they haven’t changed, even though they may have been updated lately.
Solution: Call your relationship manager or customer support to get a new statement. If you have online banking, you may download the most recent version by hand within a few business days.
The difference between EMI and auto-debit amounts
Issue: The EMI that is stated on the statement is different from what is taken out of your account.
Solution: Find out if there was a late fee, a bounced EMI charge, or a fine. Talk to the lender and ask for a new EMI plan if you need to.
EMI not shown on credit bureau report
Issue: Even when you pay your EMIs on time, your CIBIL report doesn’t display your EMI or shows it wrong.
Solution: To start a formal dispute on the CIBIL website, you need to send proof of payment and an EMI statement. Ask your lender to provide CIBIL a correction file with the most up-to-date information about your repayment status.
Problems with applications or statement portals
Issue: EMI statements do not download, display incorrect values, or allow you to download them.
Solution: Try to get the statement by email or online. To request online delivery, utilize the bank’s Chatbot or IVR.
Delay in EMI Updates after Payment Problem
Issue: Your EMI payment still says “pending” after a day or two.
Solution: Some banks require 2 to 3 business days to update their data, especially during holidays. If the delay goes beyond this, send evidence of payment and ask for a timestamped receipt.
The EMI statement is not available for several months
Issue: There are gaps in your EMI statement record.
Solution: Request a consolidated EMI certificate or loan account statement from the bank. Some banks will send you EMI statements on a yearly basis if you want them for tax purposes.
Things to keep in mind when you raise a dispute with banks and lenders
If there is an error on your EMI statement, such as missing payments, erroneous charges, or a prepayment not showing up, you need to have a clear and recorded way to fix it. To make sure your issue is dealt with quickly and correctly, do the following:
Look at all the documents that show payment:
Make sure you have documentation of the transaction before you complain. To get it, you need to download the correct UTR number or bank transaction slip. Save the messages or emails from your payment app or card issuer, such as UPI, NEFT, or IMPS. If you can, please take a picture of the problem on your EMI dashboard.
Consider the formal ways:
Find the link that reads “Raise a Query” or “Service Request” on your loan or online banking page. Use mobile banking apps that allow you to call or email someone for support. Some lenders may provide you a particular email address or phone number to use if you need help with loans. Every day of the week, 24 hours a day.
Write down your complaint or request for help:
Be explicit about what the problem is, such as “My EMI payment of ₹15,000 for May 5 isn’t showing up.” Send all the paperwork you need, such as a letter from the bank, proof of payment, and a copy of the EMI statement. Get a reference number for your complaint and an initial idea of how long it will take to repair the problem.
Find out how concerns are being handled:
Write down the complaint ID and any emails or conversations that have happened. If you don’t hear back in 3 to 5 business days, keep following up. You may use your bank’s complaint monitoring feature to keep an eye on changes in your case.
If the problem isn’t addressed soon, go up a level:
To go forward, get in touch with the bank’s nodal officer (you may find their contact information on the lender’s website). You can also get in touch with the Banking Ombudsman. Give them the ID number of your most current complaint, copies of any letters you wrote and got, and tell them how long you had to wait.
When the problem is fixed, get something in writing:
When it’s done, ask for a new EMI letter or statement that reflects the change. Make sure the change is correct by checking your loan account, payment dashboard, or credit bureau record.
FAQs
Can I Get My EMI Statement Online for Free?
Yes, most banks and NBFCs provide digital EMI statements for free via their website or app.
How Often Should I Check My EMI Statement?
It’s a good habit to check your EMI statement once a month or at least quarterly to stay updated.
What to Do If My EMI Statement Shows Wrong Data?
Immediately contact your lender’s support team, share proof, and request correction.
Do NBFCs Provide EMI Statements Like Banks?
Yes, NBFCs (Non-Banking Financial Companies) also offer EMI statements, usually via email, app, or website.
A Loan EMI Statement is more than just a record—it’s a powerful tool for staying financially informed and in control. Whether you’re keeping track of payments, planning taxes, or preparing to close your loan, this statement provides the transparency you need. By understanding how to access and read your EMI statement, you can avoid surprises, catch errors early, and make smarter financial decisions throughout your loan journey.
