Online Loan Payment: Know Its Methods, Benefits, Tips and More

With many convenient options available, you can effortlessly make an online loan payment. This is because modern financial service providers allow you to manage your loan EMI online. As such, you can pay easily through multiple online options at your convenience.

You can use a lender’s portal or third-party payment apps to conveniently:

• Pay your current and/or previous EMIs 
• Make pre-payments 
• Foreclose your loan

Knowing about the options that facilitate these payments will allow you to effortlessly manage your loan in just a few clicks. Read to know how to pay EMIs online, its key benefits and some security measures to keep in mind.

How to Pay Your Loan EMIs Online?

Follow these steps to make secure and rapid online EMI payments:

Through Net Banking 

• Step 1: Visit your lender’s net banking or digital loan portal 
• Step 2: Log in with your customer ID and password 
• Step 3: Go to the loan section 
• Step 4: Select the loan account
• Step 5: Enter the amount you want to pay
• Step 6: Select your preferred payment method
• Step 7: Complete the payment and wait for confirmation 

Through Mobile App

• Step 1: Download the lender’s mobile app on your device 
• Step 2: Register on the app and log in with your credentials 
• Step 3: Navigate to the loans section
• Step 4: Select the account 
• Step 5: Enter your EMI amount and preferred payment method 
• Step 6: Complete the payment and save the confirmation

On the Third-Party App 

• Step 1: Launch the payment app and log in
• Step 2: Go to the ‘Bills and Payment’ section and select the ‘EMI Payment’ option 
• Step 3: Enter the required loan details and EMI amount
• Step 4: Choose your preferred payment option 
• Step 5: Authenticate the payment 
• Step 6: Confirm all your details and proceed with the payment 

Note that the mobile app interface for all lenders may differ slightly. However, following the instructions on your app will help you complete the transaction promptly. Once done, you will receive a confirmation from your lender. 

Also Read: Want a lower EMI For a Personal Loan?

Advantages of Paying Personal Loan EMI Online

Here are some benefits you enjoy with online loan EMI payment. 

• Once you have made your EMI payment, set up reminders to ensure not to miss due dates
• Most of the online services are secure and reliable
• You get an instant receipt to keep a record of your payments
• You can use different modes to pay such as net banking, UPI, mobile wallets, etc. 
• With the internet around, you can make payments smoothly anytime and anywhere.
• The complete process takes just a few minutes
• You do not need to verify or get permission from your lender 
• You get instant confirmation 
• You can even pay EMIs online on bank holidays 
• You can also make advance payments or pay overdue EMIs 

Security Tips for Making Online Payments 

Here are some security measures you must follow for online loan payments. 

• Choose a trusted platform when making the payment, especially when using third-party applications
• Choose a user-friendly interface to avoid errors
• Make sure the web portal or mobile app has the recommended security protocols
• Verify if there are any transaction fees 
• Always recheck your account details and payment amount before submitting

With these tips, you can automate your loan EMI payment to avoid penalties and late payment charges. If you want to apply for a 100% digital loan with flexible tenure options, choose Fibe. 

With our Instant Personal Loan, you can enjoy up to ₹5 lakhs with affordable interest rates and a completely hassle-free digital application process. With minimum documentation and quick approval, you can avail of this option for any urgent financial requirements. Download our Personal Loan App or visit our website to apply now! 

FAQs on Online EMI Payment 

How do I make a loan payment online?

To make an online EMI payment, you can log into the lender’s mobile or web portal or use third-party apps. On the portal, select your loan account, enter loan details and provide other information. Once done, you can choose a card, net banking, UPI or any other option to make transactions. 

How is an EMI payment done?

To make an online payment, you can choose from many online and offline options, depending on your convenience. After providing your loan details, you will receive your payable amount, which you can pay using your preferred option. Upon completing the payment, the amount will be deducted from your account. Your outstanding balance will then be reduced based on your payment. 

How can I pay EMI after the due date?

If you have any overdue EMIs, you can pay them online. On the net baking portal, enter your loan details to get the details of your past dues. Here, you must select the option to check your overdue or total payable amount and make payment. 

How can I check my EMI online?

To check your EMI online, you can go to your lender’s net banking portal or on the mobile app. Some UPI-based payment apps also allow you to check your EMI and make payments directly.