Online EMI Payment - Pay Loan EMI easily with Freecharge
The loan sector in the country, and even across the world, has grown multi-fold in the last two decades. From setting up a business or purchasing property to buying a car or an electronic appliance, the variety of loan options available in the market is huge.
Loans are a big help to people in times of a financial crisis. Any default in loan repayment can be bad for your credit score. Therefore, it is important to pay loan EMI on time. To ease out this process, Freecharge offers fast and easy online loan EMI payment options for you. Mentioned below are some of the leading loan providers supported on Freecharge.
2. Bajaj Finserv Online Payment
3. TVS Credit
4. Muthoot Microfin Limited
5. L and T Financial Services
6. IIFL Finance Limited
7. Axis Bank Limited - Retail Loan
8. DMI Finance Private Limited
9. Ujjivan Small Finance Bank
10. ZestMoney
How to Make a Loan EMI Payment on Freecharge?
Whether it’s a car loan, home loan, gold loan, or a instant loans online, paying your loan E MI on Freecharge is simple and quick. No need to write cheques, visit the bank branch or wait in a queue to make payments. Just follow the steps mentioned below to make loan EMI payment online.
1.Select Loan Repayment under the New Payments section on the Freecharge app
2.Select your Loan Provider
3.Enter the Loan Number
4.Enter the EMI amount you need to repay.
5.Choose your preferred mode of payment (Net-Banking, Debit Card, Credit Card, Freecharge Balance) and complete your payment instantlyOn Freecharge, you also get monthly payment reminders, so that you do not miss any due dates.
Frequently Asked Questions on Online Loan EMI Payment
How to Calculate Loan EMI?
To calculate loan EMI, you can use loan EMI calculators available online on various websites. Simply put in the loan details and instantly get your result.
What is Loan Repayment?
It is the process of paying back the borrowed money to the lender/loan provider. Loan repayment is made in the form of EMIs over the agreed period of time.
How to Repay the Loan Faster?
To pay off a loan faster, here are some tips that will help you.
1.Make part-payment whenever you can
2.Make a bigger down payment
3.Choose a shorter repayment period
4.Foreclose your loan if you have enough funds
What Happens if a Borrower Fails to Repay the Loan?
Any default in loan repayment might result in legal action, penalty, or collateral loss. Apart from this, the borrower’s credit score also gets affected.