What are the different methods to repay a loan?

There are several convenient methods to choose from when repaying your loan every month.

• The most common method is NACH or auto-debit, where your bank account is linked to the lender, and the EMI is automatically deducted on the due date. This ensures timely payments, and you avoid missing instalments.
• You can also issue post-dated cheques covering the entire loan tenure to the lender. The lender will deposit these on the respective due dates. However, remember to maintain a sufficient balance in your account.
• Most lenders today offer the option to pay your EMIs online through Net Banking, credit/debit cards, UPI, or mobile wallets. This allows you to pay before or on the due date and avoid late payment charges.
• You can also visit the lender's branch or authorised collection centres and pay the instalment in cash or by demand draft. Keep the payment receipt for future reference.
• For salaried individuals, issuing an ECS mandate will allow monthly EMI to be directly deducted from your salary account on the salary credit date.

Ensure you have registered your contact details, including mobile number and email ID, with the lender to get timely intimation of due dates and payment reminders via SMS or email.