Being a part of financial industry, banks have there set of rules and regulation which they and there customers needs to follow while dealing with each other. Although banks impose these rules to protect the interest of its customers but sometimes following these rules becomes difficult for its customers.
Like in case of Mr. X who took home loan from ABC bank and now wanted to pre pay the same. As per the rule of his bank he needs to visit the bank personally to make the payment. Although it does not sounds like a problem for a normal customer but being settled abroad since two years it was difficult for Mr. X to visit personally just to make a payment. The other work around available to him is power of attorney, but considering the time required to get the same ready did not attract him to go for this choice. Then he comes to a solution which help him make the payment himself without visiting personally i.e making online loan payment through National Electronic Fund Transfer (NEFT) transfer by adding loan account as third party.
Recently banks have waived off pre payment penalty on loans, this is attracting most of its customers to make the payment of balance loan as per the availability of cash without any penalty. And the facility to pay back the loan though NEFT transfer works like icing on the cake. Using this facility, now customers (Indians and NRI’s) of ICICI bank can make online loan payment through NEFT transfer.
All you need to make your loan payment via NEFT transfer is:-
- Internet banking on your saving bank account.
- Your loan bank should accept online loan payment.
Important Points Regarding Online Loan Payment Through NEFT
- This kind of facility is available for all types of loans like home loan, car loan, personal loan etc.
- This kind of facility is available for pre-payment, regular EMI’s, Part payment etc..
- This kind of facility is available in almost all the banks like ICICI bank, State Bank Of India (SBI), Oriental Bank Of Commerce (OBC), State Bank Of Travancore (SBT) etc..
- One can use this facility by having bank account and loan account at same bank.
So now you can check with your bank about the online loan payment facility and can use the same to make the payment against any type of loan as and when you have spare cash.