Online two-wheeler loan repayment is a convenient and secure way to manage your loan repayments. The online mode allows you to make these payments on time without visiting the branch of your concerned bank or financial institution. This article will cover the process of online two-wheeler loan repayment in detail.
Online Options for Two-Wheeler Loan Repayment
Online two-wheeler loan repayment is the most convenient method that many choose. Here are some ways to do it:
Mobile Apps
- Log in to your account using the financial institute’s mobile app.
- Search for options like ‘Make a Payment’ and ‘Loan EMI Payment’.
- Select the repayment mode, such as full EMI, part payment, etc.
- Enter your two-wheeler loan account number and other details.
- Make the payment using net banking, UPI, debit/credit card, etc.
The loan provider will instantly process the bike EMI payment online and update your account. You can download the repayment receipt for records.
Bank Netbanking
- Log in to your bank's net banking portal using your credentials.
- Locate the payments/transfers section and select the 'Add Beneficiary' or 'Register Payee' option.
- Enter the two-wheeler loan account details, such as account number, IFSC code, etc.
- Verify the beneficiary details and click submit to add your loan account.
- To pay your EMI, go to payments/transfers and select the registered two-wheeler loan account.
- Enter the amount (your full EMI amount or any partial payment amount).
- Select the transfer mode - NEFT, IMPS, RTGS.
- Enter the remarks/narration, if any.
- Click 'Confirm and Pay'.
- An OTP may be required to process the transaction.
- The payment will be debited from your bank account and credited to your two-wheeler loan account.
- You can download the payment acknowledgement receipt for your records.
- Set a standing instruction for auto-payment of EMI every month.
The two-wheeler loan repayment online gets credited directly to the lender. You can save time by scheduling monthly payments in advance.
Mobile Wallets
Mobile payment apps like Shriram One, and others allow you to pay your two-wheeler loan EMI directly to the loan provider through the UPI payment interface.
To use mobile wallets to repay your two-wheeler loan EMI, first download the app on your smartphone and complete the signup process by adding your bank accounts. Then, go to the ‘Pay Loan’ or ‘Pay EMI’ section. Popular apps like Shriram One have dedicated sections for loan repayment.
Select your loan provider from the list of supported financial institutions. Next, link your active loan account by entering details like the loan account number and registered mobile number. Follow the prompts to link it successfully.
Once your loan account is linked, you simply need to enter the repayment amount, confirm your details and authorise the UPI payment. The entire process is completed within seconds through a few clicks/taps. You will receive a notification once the two-wheeler loan EMI is paid successfully.
Auto-Debit
Many financial institutions allow setting up standing instructions to auto-debit the two-wheeler EMI amount from your bank account on the due date. This ensures timely payment every month. To avail this facility, give an ECS mandate to your loan provider authorising them to deduct the EMI from your account. You need not take any monthly action then.
Benefits of Online Two-Wheeler Loan Repayment
The following are the notable benefits of online two-wheeler loan repayments.
Convenience
The convenience of making a two-wheeler EMI payment online is unmatchable. You can make the payment at your convenience, irrespective of where you are, as long as you pay it before the due date.
Auto Debit Facility
By selecting the auto debit facility for your bike EMI payment, you can easily avoid payment of late fees.
Enhanced Security
Reputable payment gateways in India are encrypted. Encryption protects your personal and financial information from unauthorised access.
Flexibility
You can make an online two-wheeler loan repayment using multiple payment options, such as UPI, credit/debit cards, and net banking.
The Bottom Line
So, by opting for online two-wheeler loan repayment channels, you can manage your loan account efficiently and avoid repayment hassles. Follow the online payment process correctly and avail the associated benefits. Stay consistent with your EMIs to become debt-free on time.
