How can I make a loan repayment?

Making timely loan repayments is important to maintain a good credit score and avoid penalties. Here are some tips to ensure you can make your loan repayments on time:

• Set up autopay with your bank to automatically deduct the monthly EMI amount. This prevents missing payments due to oversight.
• To avoid bounce charges, maintain a sufficient balance in your bank account a few days before the EMI deduction date.
• If you are facing financial hardship, inform your lender and discuss options like temporarily reducing your EMI or interest rates. Most lenders are willing to work with borrowers facing genuine issues.
• If you cannot pay the total EMI amount, make partial payments. This will reduce penalties and default interest.
• Pay before the due date to avoid late payment fees and minimise interest costs.
• Log in to your lender's website or app and make online payments well in advance to avoid last-minute hassles.