How to pay HDFC EMI for Personal Loans through Net Banking

HDFC EMI for Personal Loans

After the borrower avails of the personal loan, it is necessary to pay the installments on time for the borrower. The borrower can repay the installments for a maximum duration of five years from the date on which the loan is being taken. The borrower’s installments start on an immediate basis as soon as the loan is being availed. The borrower may be charged with a heavy penalty in default of the loan EMI to the lender. The borrower usually charges an interest rate from 9% up to 24% per annum, depending on the borrower. HDFC is amongst the leading bank in the disbursement of loans to borrowers. HDFC is the largest bank in India amongst the private sector banks. The terms & conditions of the bank are very customer friendly, and thus due to that, the HDFC bank is amongst the leading bank in the personal finance business. Banks do charge a heavy penalty in case of delay or default of the installments. The bank provides multiple options for paying the loans like cheque, net banking, or else demand draft.

The option of net banking is amongst the most recommended ones for the disbursement of the loans. Through net banking, the amount gets immediately deposited in the bank account of the lender. Also, net banking is amongst the most convenient mode of payment of the installments. The borrower does not even need to step out of the home for the amount of the EMI. The installments can be paid easily from the convenience of home. Also, the system is hassle-free to pay from the comfort of home and quickly. Net banking saves a lot of time for the borrower in the repayment of loans. The payment is made through cheque in the last days of the due date; the time till the cheque gets processed may attract a penalty to the borrower. In net banking, the borrower’s amount gets immediately paid to the bank within few seconds, thus avoiding the lender to charge a penalty. Net banking is a much-secured system of payment that the bank recommends. The borrower’s account is secured with the password system and a secured socket layer of protection so that the details of the borrower should not get shared with other people.

Process of making payment of the personal loans through Net Banking

Create an account of the net banking set with a unique password

Login into the HDFC bank net banking option

Enter the HDFC bank loan account number and insert the amount required to be paid to the bank

After that, select the payment option and click on the pay

The borrower will be taken to the secured system page of the net banking to make the payment

Then enter the authentication details and username, and password

The amount of the loan will get auto-debited from the bank account

The customer will receive the amount being deducted from the bank account and the transaction id and reference number

The customer will receive the confirmation mail on the official mail id of the bank

Hence, through net banking, the payment of loans can be made from anywhere across the world with the help of the internet. Net banking is simple to use and is a convenient mode of payment to the borrower. The net banking system saves the borrower’s time, and the amount gets immediately debited from a bank account. Also, if the payment is made on the last due date, the easy credibility penalty is not charged to the borrower.