People always suffer some ups and downs due to financial issues. Personal loans have been an essential solution to many financial suffering that comes in one’s way. While traditional loans require many criteria to be fulfilled to avail of such benefits, a personal loan is a one-step procedure to get the amount credited to the lender’s account in a few minutes. Repaying it has been simple through digitalization, and borrowers don’t have to latch to it for a longer period to clear the debt. We must know the Steps of repaying a personal loan of 5 lakh
Here are the ways one can repay a 5 lakh personal loan, step-wise:
● The borrower can track down their loan through the application; the payment will be scheduled in the respective user account profile, which makes it easy to track the upcoming loan to pay through the app in just a few taps.
● The user must review the loan statements, the tenure to repay, the interest rate that is being applied to the loan, and many other terms and conditions of the repayment schedule, as no hidden charges are being applied to this loan or annual charges. The loan will be paid for the tenure of 3-36 months. The user uses it with an interest rate of 19% per annum and 2% processing fees.
● The loan that has been derived from the bank is being paid every month through EMIs. To make the credit score strong, the user must pay the amount one day before the due date or precisely on the same date to ignore any extra charges imposed due to non-payment.
● Users can also keep the required amount in the bank account and put up automatic deductions from their account. The amount will be deducted on the exact date, making it more convenient.
● It will be a wiser choice to make payments before if extra funds are available that reduce the tenure of repayment of dues. Through this, it is easy to overcome penalties due to late payment.
● If the customer faces any issues, they can contact the customer support team for help or assistance with the repayment procedure.
● The users can plan out the monthly expenses by dividing the required amount for each reason.
The Quick solution to financial problems
When people are not that sound technologically, they look for such applications to get swift management with online banking. When paying this Personal loan through an application seems like a task, it has been made easy for the users with the help of instructions that reflect as one enters the platform.
The user must open the application from their mobile phone and log into their account. They will find the navigation option where the loan option will be visible, and the personal 5 lakh loan option will be shown as current debt; the user must pay it by choosing the payment method and confirming it. The payment will be successfully done.