Branch Personal Loan Repayment

Branch Personal Loan repayment refers to the process of paying back the borrowed amount as per the agreed repayment schedule shown in the Branch app. Timely repayment helps avoid penalties and supports a healthy credit profile.

You can repay a Branch Personal Loan using online methods available within the Branch mobile application. The process is simple and does not involve bank charges.

Here are the details:

• Repayment through the Branch app

  1. Open the Branch app on your mobile phone

  2. Go to the ‘Loans’ section from the Home screen

  3. Tap on ‘Make a Payment’

  4. Choose your preferred payment mode: net banking, debit card, or UPI

  5. Follow the on-screen instructions to complete the repayment
     
     

Follow these steps make the repayment through the app: 

• Payment using net banking

Select net banking as the payment option and follow on-screen instructions. If net banking is not activated, visit your bank branch to complete activation.

• Payment using a debit card

Choose the debit card option and enter the required card details. If you do not have a debit card, your bank branch can assist with issuing one.

• Payment using UPI

Create a UPI ID using apps such as BHIM or PhonePe. Enter the UPI ID in the Branch app and approve the payment request.

• Auto-debit setup

You can enable auto-debit during loan requests or later through My Account. Payments are deducted automatically on due dates, subject to bank charges.

Branch Personal Loan repayment is calculated using the loan amount, repayment tenure, and interest applicable as per your loan agreement.

• Loan amount

This is the amount disbursed to your bank account after loan approval.

• Repayment tenure

The tenure refers to the number of instalments over which the loan is repaid. Each instalment has a fixed due date.

• Interest component

Interest is charged on the outstanding loan balance and is built into each instalment.

• Repayment schedule

The Branch app shows your instalment amounts, due dates, and total payable amount under the Repayment Schedule section.

Let’s understand this with an example:

If a borrower takes a personal loan that is repayable in equal instalments, each instalment includes a portion of the principal and interest. The exact instalment amount is shown in the Branch app and should be followed for timely repayment.

Disclaimer: Actual instalment amounts, interest, and charges depend on individual loan terms. Always refer to your Repayment Schedule and Key Fact Statement (KFS) in the Branch app for accurate details.

Certain fees and charges may apply during the repayment period, depending on loan terms.

• Late payment charges

Missing an instalment may attract penalties and additional interest, which are added to your overdue amount.

• Prepayment charges

Partial or full early repayment may involve prepayment fees, as mentioned in the Key Fact Statement (KFS).

• Foreclosure charges

Closing the loan before tenure ends may carry foreclosure charges, depending on your loan agreement.

• Auto-debit related bank charges

Your bank may apply charges for setting up or processing auto-debit mandates.

Note: Always refer to your Key Fact Statement (KFS) for exact applicable charges.