Understanding a Car Loan
The run-through for pre-payment and re-payment. As the people are working day and night being busy all the time. Being busy means dealing with meetings, tight schedules, going to a bank can be so tiring. So in this blog we are going to show you how the SBI car loan can be paid either with NEFT or Online Banking. A very cozy and comfortable method to get around the lengthy and tedious process. But when be done only when you have an online bank account with the SBI. Hence a perfect or effortless method of SBI loan payment online.
When it comes to SBI car loan payment online imagine yourself in a tricky situation when you’re outing with friends or family or even outsize the country in extreme scenarios. Or might be you can be extremely busy with some work because of which you are not able to visit the bank branch every single time even for the smallest issues to pay the EMI.
So in such a case being always busy and surrounded by work it is nearly impossible to reach out to a bank to get every small or in rare cases big transactions or just having some enquiry. At the present moment, India is slowly and gradually transforming to a digital country and even the banks have begun dragging every possible or the smallest of the transactions online.
The 2 ways of car loan payment
(1) Online Car Payment: This can be done with the online bank payment portal. Can be possible with only an active internet connection and a personal computer, laptop. No need of going anywhere & can be done from the comfort of being at a comfortable home corner.
(2) NEFT (National Electronic Funds Transfer): The NEFT can be done only by going to a bank branch physically.
Step No 1: Get the loan account associated with the SBI Bank account.
The reason being connecting the loan account in order to reimburse the car loan or any other kind of loan to the bank. This can be due to us sometimes get some additional cash from office as a bonus or any other source. And also the repayment amount requires some tough endeavors such as visiting the bank and dumping all the money which could have easily been jumped off and saved the entire amount you have in access. This will help you with SBI car loan online payment.
This has been announced officially that a 3 party account can be linked to the SBI loan account with help of internet banking or NEFT could be used to transfer the loan amount. A much simpler & easy way that could be done with a few finger touches as well as avoiding delay of repayment of the loan for the reason of inconvenience for not being able to reach out a bank.
How to add Loan Account to Online bank account?
- First you need to have internet banking access and the bank branch where the loan amount is to be disbursed should have the ability to accept the payments done online.
- It is similar to adding a third party account, add the loan account to the specific third party account so that the NEFT payment could be done later. And once if the bank account gets linked. You will be able to see as one of the beneficiaries.
- After the account gets added as the beneficiaries in the loan account, it would then be seen and accepted as the SBI car loan pre-payment.
Step No 2: Payment done with the NEFT medium.
- There are some things you need to know when it is repaying the car loan online.
- The car loan repayment could be done with the NEFT while being applicable for all kinds of loan and not just the car loans.
- When we are talking about the pre-payment of the loan with which even the ordinary EMIs making use of smart online options in place of due checks.
- So why not ask the bank to have this option enabled for you.
- There are high possibilities that this could not be done with some banks.
- But mostly it works just fine with all the banks, just a handful maybe not.
- So if you have a loan account and bank account in the very same bank, it is a very sophisticated method of linking just the accounts, enquire the bank on this blog in order to help you easing the process.
So just in case you are having a car loan, then adjoining the loan account to the SBI account is a great idea. This will help in times when you have spare cash you can quickly hop onto pre-payment of the car loan with the single and simple click, or else it does not takes time for the cash to get vanquished into the thin air, isn’t it? Therefore making a prior payment is a smart method of SBI car loan EMI payment.
See for yourself and experience how easy it could be when it comes to repayment and pre-payment of the car loan in this digital era.