Can I make loan payments online?

Yes, financial institutions today allow borrowers to make loan payments easily online through digital payment modes. This avoids long queues at branches and the need to personally visit to make payments.

You can visit your loan provider’s website or mobile app and log in to your account using your credentials. The dashboard will show your outstanding amount, next due date, payment options, etc.

You can make RTGS, NEFT or IMPS transfers directly from your bank account to the lender account. Payments via credit card, debit card, UPI and mobile wallets like Shriram One, Paytm, PhonePe, Google Pay, etc. are also accepted.

To initiate an online payment, you need to provide necessary details like the loan account number and amount to be paid. The payment will be credited directly to your loan account.

You receive an online payment receipt and confirmation message immediately after completing the transaction. Your loan account's payment history is also updated.