Questions

Can I pay EMI before auto debit?

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Can I pay EMI before auto debit?

According to RBI’s new rules, banks can only process such transactions if they send a pre-debit message to customers at least 24 hours prior to the payment. We are now working jointly with merchants to make this platform live for customers at the earliest”.

Can I pay personal loan EMI in advance?

When you prepay some part of the personal loan, it can save you the interest amount on the borrowed sum, which you would have otherwise incurred throughout the loan period. This way, you can pay off the borrowed loan amount sooner, and be debt-free. This is particularly true if the number of EMIs remaining are high.

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How can I prepay my personal loan in Axis Bank?

Visit the loan centre and request for a personal loan preclosure statement to know how much outstanding amount you need to pay. When you get the preclosure statement, pay the remaining amount through cash or cheque as per your accessibility.

How can I repay my personal loan EMI repayment better?

How to plan your Personal Loan EMI repayment better

  1. Have a dedicated account for repayment of EMIs. Create a cash reserve using your savings before you apply for a personal loan.
  2. Keep track of deadlines. EMI payments have deadlines.
  3. Choose your tenor wisely.
  4. Select the right lender.

What are new rules for auto debit?

Customers’ bank sends pre-debit notification 24 hours before the automatic payment. Recurring payments above Rs 5000 can only be done with OTP before debit. Only customers’ card issuing banks can enforce these rules for merchants.

Can I pay HDFC personal loan early?

If you are a salaried applicant, you can pre-pay your HDFC Personal Loan only after paying 12 equated monthly installments completely. The pre-payment charges for salaried applicants are as follows: 4\% of the outstanding principal amount for 13 to 24 months. 5\% of the outstanding principal amount for 25 to 36 months.

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Can I repay my personal loan early?

Yes, you can pay off a personal loan early, but it may not be a good idea. If you pay off your credit card balance in full, for example, you’ll save on interest charges. Generally, the longer you’re stuck paying back a loan or other debt, the more you’ll pay in interest over the lifetime of the loan.

Can we part pay in axis personal loan?

Yes, you can make a part-prepayment towards your Personal Loan at your nearest Axis Bank Loan Centre.

How can I pay my personal loan payment online in Axis Bank?

  1. Click on ‘Make payments’ >> Loan Repayment >>Select ‘Axis bank’ >> Other Bank Net banking ->Enter the loan details.
  2. The amount will be credited to your loan account within 3 working days.
  3. To pay your dues via any other bank account simply click here.

How can I prepay my personal loan in HDFC?

You will first have to get in touch with a bank representative from HDFC Bank and express your interest in pre-paying your HDFC Personal Loan. Next, you can make the pre-payment by releasing a cheque or a demand draft at any HDFC Bank branch. You can take note that the bank does not accept cash above Rs.

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How do I close a personal loan early?

What to do:

  1. Visit bank with the complete set of documents (as mentioned above).
  2. You may be required to fill a form or write a letter requesting pre-closure of the Personal Loan account.
  3. Pay the pre-closure amount.
  4. Sign the required documents, if any.
  5. Take acknowledgement of the balance amount you have paid.