{"id":5941,"date":"2023-08-28T12:53:37","date_gmt":"2023-08-28T12:53:37","guid":{"rendered":"\/blog\/?p=5941"},"modified":"2025-01-28T16:21:52","modified_gmt":"2025-01-28T10:51:52","slug":"what-is-my-payment-method-for-a-personal-loan","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/personal-use-loan\/what-is-my-payment-method-for-a-personal-loan\/","title":{"rendered":"What is My Payment Method for a Personal Loan?"},"content":{"rendered":"\n

Quite often you may require\nfinancial support to fulfill your dreams and aspirations. You may also need\ncash to meet financial obligations such as consolidating an existing debt,\npaying medical expenses, and meeting wedding costs, among others. Though borrowing\nfrom your social circle of family and friends seems like a viable option, the\nchances of a strained relationship increase in case of failure to repay the\nloan.<\/p>\n\n\n\n

One of the best financing options is borrowing a personal loan<\/a> from a bank or a Non-Banking Financial Company (NBFC). The good news is that lenders do not question the intent of borrowing such a loan. You may, therefore, use it for any purpose. You may either visit your local branch or apply for a loan through the Internet. Once the application has been sanctioned, the amount is disbursed to your account. You then need to make timely repayments of the loan over the pre-determined tenure.<\/p>\n\n\n\n

Lenders nowadays offer convenient\noptions to pay your Equated Monthly Installments (EMIs). Banks and NBFCs offer\ndigitized methods to repay your loan. Making EMI payment through the Internet\noffers a great degree of convenience. <\/p>\n\n\n\n

Following are three convenient\nmethods that you may use to repay your loan.<\/p>\n\n\n\n

1. Auto Debit Facility<\/strong><\/p>\n\n\n\n

The auto debit facility is one\nof the best methods of scheduling your payment. It saves you the effort of\nhaving to remember your due date. Besides, you need not issue a cheque every\nmonth towards payment of your dues. All you have to do is fill a form and\nenable your lender to activate the bank mandate. Your account will then be\ndebited every month towards your EMI payment.<\/p>\n\n\n\n

2. Post Dated Cheque Facility<\/strong><\/p>\n\n\n\n

Alternatively, you may provide\nyour lender with Post Dated Cheques (PDC). The amount on the cheque will be\ndrawn from the account on the date written on it. This amount will then be used\ntowards the repayment of your loan. It is, however, important to understand\nthat PDC facility generally attracts a small fee.<\/p>\n\n\n\n

3. Pay Online Facility<\/strong><\/p>\n\n\n\n

Numerous lenders provide a convenient option of paying online through the lender\u2019s website. In order to pay your overdue Equated Monthly Installments, you have to simply enter your loan account number or the contract number. The website displays the outstanding amount payable. You may enter the amount you wish to pay along with other details. The site will direct you to its Bill Desk for making a payment. You may then go ahead and pay your EMI through Internet banking or any other supported payment system such as a debit card.<\/p>\n\n\n\n

Borrowing a loan is the best solution to a cash crunch. It is imperative to keep numerous factors in mind while borrowing a loan such as borrowing limit, tenure, repayment plans, and rate of interest, among others. While seeking finance, you may use a personal loan EMI calculator<\/a><\/p>\n\n\n\n

to determine your monthly repayment amount. You may then go ahead and use any of the convenient payment methods to clear your EMIs easily.<\/p>\n\n\n\n

Apply for Personal Loan<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Quite often you may require financial support to fulfill your dreams and aspirations.<\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":5951,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-5941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-use-loan"],"yoast_head":"\nWhat is My Payment Method for a Personal Loan? - TATA Capital Blog<\/title>\n<meta name=\"description\" content=\"Find convenient ways to repay personal loans, including auto debit, post-dated cheques, and online payments. 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