Easy access to credit is empowering. The ability to borrow money at short notice to meet one’s immediate requirements, and pay it back in easy instalments over a longer period of time is at the heart of financial inclusion. An EMI or equated monthly instalment enables you to repay your loan over a tenure, thereby allowing you to fit a large credit liability within a small monthly budgets. However, did you know that if you have surplus funds at your disposal, burden of repayment can be reduced? This is possible through the advance EMI payment option.
There are generally two kinds of EMIs payment options – Regular EMI Payment and EMI Payment in Advance.
Regular EMI Payment
This is the most common EMI option. In this, the borrower makes EMI payments every month over the specified period known as the repayment period/tenure. The principal loan amount is credited to the borrower’s account in its entirety, and repayment begins only thereafter. The EMI component is combination of the principal and interest amount. The EMI to be paid is constant over the specified repayment tenure.
EMI Payment in Advance
An EMI payment in advance is usually made when the borrower has surplus funds at their disposal. Advance EMI option is today being offered by most of the leading banks and NBFCs.
Your repayment bank account will not be debited for monthly EMIs against the corresponding period, if the EMI is paid in advance. An important point to remember here is that the making an advance EMI payment will not affect the interest rate in any way, since the amortization schedule will remain the same.
Advantage of Opting for Advance EMI Payment with Finserv MARKETS
Finserv MARKETS allows you to easily pay your advance EMI through a simple and hassle-free process. You can make your payment using your preferred mode of payment – through net banking, debit card, or UPI.
How to Avail Advance EMI Payment Option?
Now you can make the EMI payment in advance on the Finserv MARKETS all by yourself. It is very simple. Below we mention the relevant steps.
- Login to “Customer Portal” using your registered mobile number, date of birth.
- Enter the OTP sent to your registered mobile number.
- After logging in, click on the ‘Self-Services’ option from the menu.
- Select the ‘Advance EMI Payment’ tab.
- Upon selecting, you can find information regarding ‘Advance EMI Payment’. To proceed, click on ‘Okay, I got it’.
- Select the required Loan account number and the EMI amount from the dropdown and click on ‘Next’.
- Choose the most suitable payment mode – UPI, Debit Card, or Net Banking through which you would want to pay your EMIs and click on ‘Pay Now’.
- Upon successful payment, you will see the message “We’ve successfully received the amount”.
- You will also receive a Service Request Number (SRN), which you can keep handy for reference.
Isn’t that simple? By following the above-mentioned steps, you can make an EMI payment in advance from the comfort of your home!
Easy access to credit is one of the greatest strengths of the modern financial system. Lenders are increasingly allowing for ever more flexible repayment options to make it easy for customers to acquire and pay back their loans. You have the choice to either repay your EMI in a regular method or make an advance payment on your EMI. Remember, advance EMI payment option should be opted for only if you have enough surplus funds to pay an advance EMI. Hence we suggest you take your income and expenditure into consideration and then opt for the advance EMI option.