When you’re in the market to take out a personal loan in India, you’ll need to figure out how to pay your EMIs (equated monthly instalments) payment each month. There are several ways to do this. Still, the most popular option is to set up an auto-debit from your account so that the money is transferred automatically on the same day each month. Another option is to pay manually through your bank’s website or mobile app. But what if you don’t have a bank account in India? This blog post will explore the options available for making your EMI payments online and offline. This article will also provide tips on choosing the best method for you.
What is an EMI?
An EMI is an Equated Monthly Installment. It is the fixed amount of money that a borrower has to pay every month to the lender or financial institution until the borrowed amount is fully repaid. The monthly payment includes both the principal and interest components. The principal is the original amount borrowed, while the interest is the cost of borrowing money.
How to make an EMI payment online in India
Suppose you have a personal loan in India. You can make your EMIs (Equated Monthly Installments) online using any central payment platform. To do so, you must first set up an account with the medium of your choice and then link your loan account to that account. Once that is done, you can log in to your account and pay from there.
India’s most popular online EMI payment platforms are Cred, Paytm, Mobikwik, Freecharge, and Google Pay. These platforms offer a relatively easy way to pay for your loan EMIs. Select the platform of your choice and follow the instructions to set up an account and link your loan.
Advantages of paying EMIs online
When you pay your EMIs online, you can be sure that your payments are being made on time. This is because most online banking platforms have a built-in feature that allows you to set up automatic payments. This means you don’t have to worry about forgetting to make a payment or a late payment.
Another advantage of paying EMIs online is that it can help you keep track of your expenses. When you make all of your payments through one platform, it’s easier to see where your money is going and how much you spend on your loan each month. This can help you create a budget and stick to it more easily.
Is borrowing money with EMIs suitable for you?
Finally, making EMIs online can also help you save money. Many banks and financial institutions offer discounts or cashback when you use their online payment platforms. So, not only will you be saving time by making your payments online, but you may also be able to save some money in the process.
Suppose you’re thinking about taking out a personal loan. In that case, you may wonder if borrowing money with EMIs suits you. Here’s a look at what you need to know about EMIs and how to pay your EMIs online. EMIs, or equated monthly instalments, are the fixed payments you make toward your loan each month. Your EMI amount will be determined by the total amount you borrowed, the interest rate on your loan, and the repayment term.
The main advantage of an EMI is that it provides structure and discipline when repaying a loan. Instead of having to remember to make a large payment each month, you can budget for your EMI and make smaller payments throughout the month. This can make it easier to stay on top of your loan repayments and stay caught up.
Another benefit of an EMI is that it allows you to spread out the cost of your loan over time, making it more affordable. When considering whether or not to borrow money with an EMI, compare the total price of the loan (including interest) with other options like paying in cash or using a credit card.
To pay your EMIs online, simply log in to your account on the lender’s website or mobile app and navigate to the “payments” section. From there, you’ll be able to enter your bank account information and schedule automatic payments from your account each month. Be sure to keep track of your EMIs at all times.
Steps to complete payment on EMIs in minutes
Assuming that you have already found a personal loan that fits your needs, here are the steps to follow to pay your EMIs online:
- Review your loan agreement: To make sure you are paying the correct amount and to avoid any late payment fees, take a moment to review your loan agreement. This document lists the total amount you borrowed, your interest rate, your repayment schedule, and other essential details.
- Set up an account with your lender: When you are ready to start making online payments, you will need to set up an account with your lender. This can usually be done on their website or over the phone. Once you have an account, you can log in and make payments as needed.
- Choose a payment method: Most lenders will allow you to make online payments using a debit card, credit card, or bank transfer. Be sure to select the option that is best for you and that you have the funds available in the chosen account.
- Enter your payment information: Once you have selected a payment method, you will need to enter the required information. This should include the amount of your payment and any promo codes or discounts that may apply.
- Make your payment: Once all the required information has been entered, click “submit” or “make payment” to complete the process. Your EMI will then be processed, and you will get a confirmation once complete.
Now that you know how to make EMIs payments online for your loan in India, there’s no excuse not to stay on top of your finances. Make sure to follow the steps outlined in this article, and you’ll be able to make your EMI payments easily. For more details and information on how to pay your EMIs online, visit https://www.piramalfinance.com/personal-loan.