Freo Loan Repayment

Repaying your Freo personal loan is mostly digital and simple. However, the exact method depends on which partner bank or NBFC has approved your credit facility. You should always check whether your loan is from RBL Bank, DMI Finance, or another partner. This is because the billing date and Freo personal loan payment options may differ slightly. 

1. Credit Approved from RBL Bank

• Verify The Lending Institution

Open the Freo app and check your loan details to see whether your credit line is issued by RBL Bank, DMI Finance, or any other partner institution. 

• Check Your Billing Date

If your lender is RBL Bank, your billing statement is generally generated on a fixed date (like 12th or 22nd of the month. Conversely, the EMI due date for DMI Finance may be on a different fixed day like the 5th of each month. 

• Make Payment on the App

For credit from RBL Bank, you can usually open the Freo app, go to the settings section, and select ‘Make Payment’ to start your Freo personal loan payment process securely. 

The system will guide you to a payment page where you can enter your card or bank account details to finish the Freo personal loan repayment. 

• Alternate Payment Methods for RBL Bank

You may also pay via net banking, NEFT, NACH, or other digital modes supported by RBL Bank via your bank account with RBL Bank or any other institution. 

2. Credit Approved from DMI Finance

• Use NACH Auto-debit Facility

For DMI Finance, EMIs are typically collected through NACH auto‑debit from your registered bank account on the due date. Ensure that enough balance is available in your account to avoid missed payments. 

• Register or Re‑register NACH

If your NACH registration fails or expires, DMI Finance may inform you so that a fresh mandate can be set up. This is essential for a smooth and automatic Freo personal loan payment every month. 

• Track Confirmation and Balance

After successful manual or auto‑debit payment, check your email statement or in‑app loan summary. This is necessary to confirm that the EMI is marked as paid and the outstanding balance and next due date are updated correctly.

Before you apply for a Freo loan, it’s helpful to know how much you’ll be paying every month and what the total repayment will look like. Estimating your EMI in advance makes it easier to plan your budget and manage your finances.

For this, you can use the standard EMI formula used for reducing-balance loans: 

EMI = P × r × (1+r)^n / (1+r)^n − 1

Where, 

• P = the loan amount (principal)

• r = the monthly interest rate (for example, 1% per month written as 0.01)

• n = the total number of months (years multiplied by 12)

This formula gives you the monthly instalment that includes both the principal and the interest portion. 

Example Calculation

• Loan Amount (P) = ₹4 Lakhs

• Tenure (n) = 2 years = 24 months

• Annual Interest Rate = 12% p.a.

• Monthly Interest Rate (r) = 12% ÷ 12 = 1% = 0.01

Substituting these values into the formula: 

EMI = 400000 × 0.01 × (1+0.01)^24 / [(1+0.01)^24 − 1]

Using this calculation, your estimated Freo loan EMI comes to approximately ₹18,829. 

If you’d prefer not to work through the math yourself, you can use the Freo Personal Loan EMI Calculator available on Bajaj Markets. Just enter your loan amount, tenure, and interest rate. The tool instantly shows your monthly EMI, repayment amount, and overall interest cost. 

Based on the above numbers, the calculator will also show that the: 

• Total interest payable ≈ ₹51,905

• Total amount to be repaid ≈ ₹4,51,905

This helps you clearly understand the borrowing cost before you proceed.

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.