Ways to pay Personal loan EMIs

People apply for a personal loan to meet various kinds of needs like travelling, medical emergencies, consumer durables purchase, etc. Many times, people apply for loans without making any plans about how they will repay the loan amount. This is the major reason behind the defaulters in the loan products.

People find it difficult to repay the loan amount in one go altogether and that is why Personal loan by ICICI bank has introduced paying of equated monthly installments (EMIs) through online modes which include net banking and ICICI mobile app.

How to pay EMI Online?

Online loan payments can be made by three ways i.e. either by online website or by mobile application and the third will be by other payment apps.

1. Through Internet Banking: Customers can always visit the official website of ICICI bank and pay loan EMI there. All one requires is to put in the login credentials and then login the website. Once that is done the borrower can select the loan account for which he has to pay the EMI and then further proceed to make the payment.
2. Through Mobile App: The customers and borrowers of loans can also download the app of ICICI on their Android or iOS handsets. Then they can login the app and go to the payment tab and find a personal loan there. There the payment of their EMIs can be done.
3. Other online payment options: There are also other well known payment platforms where the loan EMIs can be paid with the ease and comfort of the borrower. There are:

• Paytm: For this gain, the customer needs to login their Paytm accounts and click loan repayment. After this, the customer can select the bank and the type of loan and proceed with the payment.
• Bank Cheques: Customers can also draw post-dated cheques.
• NEFT/RTGS: also one can adopt this method while making loan EMI payments if their account is in a bank other than ICICI.
• Billdesk: In this, the customers are required to put in a loan number and date of birth that matches the bank records to make the online loan EMI payment.

How to pay EMI Offline?

Cheque/Draft: Customers can draw post-dated cheques in the favour of the bank from which the loan has been taken. It should be noted that cash is no longer accepted at several banks as the payment of loan EMIs.

Standing Instruction/NACH Mandate: this is another very popular method of paying loan EMIs. For this, the customer has to fill the Standing Instruction/NACHmandate form and submit to the bank and the bank will automatically deduct the mentioned amount from the customer's account as loan EMI.