How can I make a loan repayment?
- Posted:18th February, 2025
- Updated:18th February, 2025
Making timely loan repayments is important to maintain a good credit score and avoid penalties. Here are some tips to ensure you can make your loan repayments on time:
- Set up autopay with your bank to automatically deduct the monthly EMI amount. This prevents missing payments due to oversight.
- To avoid bounce charges, maintain a sufficient balance in your bank account a few days before the EMI deduction date.
- If you are facing financial hardship, inform your lender and discuss options like temporarily reducing your EMI or interest rates. Most lenders are willing to work with borrowers facing genuine issues.
- If you cannot pay the total EMI amount, make partial payments. This will reduce penalties and default interest.
- Pay before the due date to avoid late payment fees and minimise interest costs.
- Log in to your lender's website or app and make online payments well in advance to avoid last-minute hassles.
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