Loans

How To repay Your Loan in 5 easy steps

2 min read

•

Dec 18, 2019

Step 1: Keep in mind the duration of the loan:

Today it is very easy to get a loan for various purposes. But the most important thing to keep in mind while taking a loan is to know the process of repayment of the loan. Because without repayment that loan will stay with us for a long time.

However, before knowing about how to repay your loans you need to keep certain things in mind before taking a loan:

Calculate EMI (Attach the link to EMI calculator blog)
Decide the time period of the loan
Know the interest charged on the loans.
Enquire about the penalty, processing charges.

Coming back to repayment of loans, AU Small Finance bank will lend a helping hand here and lay down step by step process of repaying your loans. Kyonki bharna hai humein karz, hai ye humara farz:

Step 1: Keep in mind the duration of the loan:

If the loan taken is for a year then you have to repay the loan within that time. Isse aap apna loan time pe pay kar dete hai aur koi penalties charge nahi hoti apse.

Step 2: Know the interest to be paid every time:

Along with monthly installments (EMI) we have to pay interest of a certain percentage. Humein yaha dhyan rakhna chaiye ki hum full amount pay kare. Through this, our payments do not spill over to next months.

Step 3: Calculate EMI and pay on time:

Before taking the loan, we must have calculated EMI that is to be paid back to the lender. Once, we have taken a loan we need to make sure that we have deposited or repaid EMIs and interest within the decided time. Kyonki loan repay karne mein der bhali nahi hai.

Step 4: Opt for any option:

Banks provide various options through which we can repay our loans. Some of them are automatic cut from the savings account. online payment and many more. Aap apni convenience pe loan repay kar sakte hai. You can now repay your loan from your phone.