Can we transfer amount directly to loan account?

Posted on by Author

Can we transfer amount directly to loan account?

Yes, you can use the Unified Payments Interface (UPI) service for your loan EMI payments. Banks and financial institutions allow the borrower to use the UPI service for loan payments.

How can I pay more loan or EMI?

Ensure quick repayment of the principal amount. The lesser the principal amount (owing to faster repayment), the lesser the interest amount to be repaid. If you can, then pay more than the regular EMI. The surplus amount will not only reduce your principal outstanding, but also your interest burden.

Can I pay off EMI in advance?

Yes, you can opt for EMI in advance even if the interest rate is a floating rate.

What happens if you transfer money to loan account?

To make a prepayment all you need to do is transfer money to the loan account. The loan account is just like other savings or current bank accounts, it has an account number and IFSC code. It helps in reducing the EMI/home loan tenure, thereby reducing your overall loan burden.

READ:   Can I use a curved TV as a computer monitor?

How do I transfer a loan to another bank?

The loan transfer process is simple: you just need to close your loan account first with the existing lender and then pay a transfer fee to your new bank. Your new bank will pay off the existing loan and you have to pay to the new lender in equated monthly installments at a new rate of interest.

What happens if I increase my EMI?

Yes, you can pay more than the regular EMI. The excess amount will not only decrease your principal outstanding, but also reduce your interest burden. You can pay one extra EMI (than the usual number of EMIs) every year. This is an effective way to reduce your loan tenure, and in turn to lower the interest cost.

How can I pay my HDFC Netbanking EMI?

Visit the HDFC Bank website. Go to Pay => Loan Repayment => Pay Overdue EMI Online => Pay Online. You will be taken to the bill desk payment page. Enter your HDFC Personal Loan account number and date of birth to authenticate the account.

READ:   What is the difference between financial advisor and CFP?

Can I pay my remaining EMI at once?

Whether you have taken a personal loan, home loan, car loan, or any other loan product from HDFC, the bank allows you to repay the remaining EMIs at one go. Repaying all EMIs at once is known as pre-closing the loan account.

How can I pay my full EMI?

Alternatively, you can also call the customer helpline number or visit the branch of the credit card issuer to pay the bill via EMIs. You can either convert the entire billing amount into EMIs or select specific card transactions crossing a threshold amount for which you want to pay via EMIs.

Can I transfer EMI amount from SB account to loan account?

EMI is simply a payment. If you pay the exact amount of EMI it is called repayment of EMI. you may pay transfer any amount into your loan account. But see if there are prepayment charges. You can transfer money from SB account to loan account.

Can I transfer money from one bank to another after EMI?

However apart from EMI or after paying EMI you can transfer some amount which is called Partial payment which is up to 25–40\% of o/s principal amount. Please note not every bank is offering this facilities. In case of co-operative bank loan you can transfer an amount because they dont have ECS and NACH facilities.

READ:   What did the American Red Cross do during ww1?

How can I transfer money from SBI PO SB to SBI RTGS?

With it grew the smart parce(Continue reading) All you have to do is to draw a cheque on your SBI account and deposit the same with the post office for credit of the amount in your SB account with them as they participate in the Clearing House. Though the PO SB has been computerized and brought under CBS they’re yet to offer NEFT/RTGS facility.

Can I transfer money from CIBIL account without bank intimation?

If you are having ECS/NACH issue then you can transfer after requesting by bank employee or team. But without bank intimation you can not pay or transfer. You will end up ruining your CIBIL. However apart from EMI or after paying EMI you can transfer some amount which is called Partial payment which is up to 25–40\% of o/s principal amount.