Personal Loans offer a swift and convenient avenue to secure credit for urgent requirements. They can be used for fulfilling many purposes, like buying a two-wheeler, renovating your house, buying gadgets, or even funding a vacation! Getting your Personal Loan approved typically requires a decent credit score and the documents required for a Personal Loan are minimal.
A major advantage of getting a Personal Loan is the flexibility in repayment options. Here are the different methods to pay your Personal Loan EMIs -
1. Automatic debit payment: This is a popular payment method for a Personal Loan EMI. By signing an ECS / NACH debit mandate, you authorise your bank to deduct the loan EMI every month on a particular date. You can sign the ECS / NACH debit form either in the branch or online. Once the bank mandate is activated, your bank account will be automatically deducted towards the loan EMI.
2. Cheque payment: This is a traditional payment method for Personal Loan EMIs. You can simply drop off the cheque at your bank branch. While this method provides a physical record of payment, it may not offer the advantages of contemporary payment alternatives. A delay in the processing time can potentially affect the punctuality of payments.
3. Online payment facility: Many lenders offer a convenient online payment option through their NetBanking or mobile banking apps. To settle your overdue EMIs, you only need to input your loan account number. The website or app will show the outstanding payable amount, where you can enter the desired payment amount and other necessary details. From there, you'll be directed to the lender's payment platform, such as Bill Desk, where you can proceed to make the payment using Internet banking or other supported payment methods like Debit Cards.
4. Mobile wallets and UPI apps: The widespread availability of mobile wallets and UPI apps has revolutionised payment convenience. Numerous banks and third-party platforms offer mobile apps designed to facilitate seamless Personal Loan EMI payments. These apps often come with added functionalities like transaction tracking, alerts and reminders, enhancing the overall user experience.
Also Read: What Is Personal Loan Foreclosure?
Conclusion
Securing a loan offers a viable solution to address financial constraints. It's essential to consider various factors when taking out a Personal Loan, including borrowing limits, tenure, repayment options and interest rates. To gauge your monthly repayment obligations accurately, you can utilise a Personal Loan EMI Calculator. Axis Bank offers a seamless process and competitive Personal Loan interest rates starting from 10.99% p.a. Subsequently, you can opt for any of the convenient payment methods available to easily settle your EMIs.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
