One of the biggest advantages of using NEFT payments is that it adds convenience in your life. You come in to a lot of cash from time to time. Weddings, bonuses and spare cash can be utilized towards repayment of loans. But the idea of carrying that cash physically to the bank and then repaying it takes the excitement away from the process. NEFT payments are the perfect solution, as they allow you to transfer funds online without nay hassles.
1. Another advantage is that you can make payments anytime, from anywhere. Many people travel abroad of move to different cities because of their jobs. Transferring your loan to a local branch or managing funds in another city by requesting friends and relatives to go make payments can be cumbersome. More often than not, the EMI will not reach on time, leaving you with a fine for late payment. An ideal solution is NEFT payments. You pay using net banking, which means you can repay the loan even if you are physically not in the same city!
2. In fact, today you can add a third party account to your existing online banking account by the name of Loan Account. This simple yet powerful way works wonders. You dont have to delay repayment simply because you arent getting the time to visit the bank. Whether it is home loan, car loan or a personal loan, this loan account can be set up so that every month payments are made on time automatically. It keeps your CIBIL score spotless and ensures you dont pay fine levied for late payment. Also, should you get any spare cash that month, that amount can also be easily repaid as part of the loan amount.
3. One reason you must connect your loan account to your home loan account is that whenever you have some surplus cash in hand, it can be used in the repayment of the loan.
Some points to keep in mind:
NEFT payment for loans is applicable not just on home loans, but all kinds of loans.
Make sure your bank offers NEFT payment procedures. Today almost all banks prefer NEFT payments to post dated cheques.
This process becomes easier for those who have a loan account and bank account in the same bank. Linking the loan account to already existing bank account for online banking becomes easier.