Did you know that being a bank’s favourite customer does come with its own set of perks? The relationship between you and your bank is much like any other; it’s built on trust and mutual benefit.
Paying your Equated Monthly Instalments (EMIs) on time is one way to solidify that relationship. You can enjoy added advantages like lower interest rates, quicker loan approvals, better customer service and more.
Benefit like lower interest rates
Banks reward responsible customers, and there’s nothing like a pristine record of EMI repayments to make you stand out. Lower interest rates could be on the horizon when the bank identifies you as a low-risk individual. Consider that you have a loan with Axis Bank. Paying your EMIs consistently on time could make you eligible for more favourable interest rates in the future.
Instant loan approvals
In an age where time is money, getting a loan approval at the click of a button is the gold standard. Timely EMI payments can get you into your bank's express lane. Need an emergency loan? Your timely payments can fast-track your application.
Unlock loan deviations
Sometimes, life throws curveballs that standard loan packages can't catch. When you're a trusted customer, your bank could be more willing to deviate from their typical loan offerings to suit your unique needs. It’s like a VIP backstage pass but for your finances. Paying your EMI’s on time helps you improve your Cibil score which would thereby improve the chances of availing an instant loan when in need.
Experience superior customer service
Think about it: the bank also wants to keep its star players happy. A good track record in EMI payments may get you access to premium customer service. Faster query resolution, a personal Relationship Manager, and priority service can all be your reality.
How Axis Bank facilitates timely EMI payments
Axis Bank's facilities like E-nach and Auto Debit makes it easy to ensure that your EMI payments are always on time. This feature automatically debits the EMI amount from your Savings Account, helping you maintain a perfect record without the stress of remembering due dates. Axis Bank sends reminders near EMI due dates to ensure that you maintain minimum balance in your savings account.
Now, you can easily pay your loan EMI online through the Bharat Bill Payment System (BBPS).
Here's are the steps you can follow to pay your EMI :
1. Open your favourite UPI-enabled payment app.
2. Select "Bharat Bill Payment" or "BBPS".
3. Search for “Axis Bank Limited-Digital Loan" as the biller.
4. Enter your loan account details and view your loan outstanding details.
5. Confirm the payment, and you're done!
Make yourself the ideal customer
When you pay your EMIs consistently on time, you’re not just avoiding penalties; you’re building a financial profile that banks find appealing. This reputation translates into real-world benefits that can save you money, time and hassle in the long run. So why be just a regular customer when you can be amongst the favourites?
[Also Read: Strategies to lower Home Loan EMI burden]
Conclusion
Banks like to reward customers who are punctual with their payments. That could mean unique loan offerings tailored to your needs or even faster, more personalised customer service. It's akin to being part of an exclusive club where the benefits are monetary and sometimes, even go beyond it.
Timely EMI payments are not merely a financial obligation. They're an opportunity to elevate your relationship with your bank and access tangible benefits like lower interest rates, faster loan approvals and stellar customer service. With features like Axis Bank's Auto Debit facility, making timely payments has never been easier. So go ahead, and secure your spot as your bank’s MVP.
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
