India’s personal loan market is projected to grow at a CAGR of 26.55% between FY2025 and FY2032, according to a report by Markets and Data. This growth aligns with the country’s expanding credit landscape, supported by economic development.
With personal loan volumes rising rapidly, borrowers must be extremely careful about opening new credit lines. Instead, they should focus on efficient loan management and timely repayments.
Further, the rise of digital platforms and artificial intelligence has streamlined loan distribution, making the borrowing process seamless.
These technology-driven tools also simplify tracking, paying, and managing instalments online.
How to manage personal loan EMIs online
Understanding EMI calculation
Before deciding on your repayment options and plans, it is important to understand and calculate your monthly instalments accurately. Leading banks and financial institutions provide online EMI calculators.
Platforms such as ICICI Bank, Bajaj Finserv, Kotak Bank, etc., all allow borrowers to estimate and calculate their payments by entering loan details such as interest rates, loan amount, tenure, etc. These tools, hence, provide borrowers with valuable information and help them make informed financial decisions by giving them a clear repayment structure.
5 ways to check and manage personal loan instalments online
- Set up auto-debit payments: Leading banks and financial institutions offer auto debit facilities to their customers. This helps in debiting your EMIs directly from your bank account. Thus preventing late payments and guarding against any missed EMI or late payment penalties.
- Through the use of mobile applications and internet banking: Banks such as HDFC Bank, SBI, and ICICI Bank, among others, provide dedicated portals and mobile applications for seamless loan repayment, ensuring easy transactions anytime, anywhere. Through the platforms provided by these banks, you can manage your personal loan instalments online and also keep a tab on your credit score and overall credit profile.
- Opt for Bharat Bill Payment System (BBPS): Platforms like Bajaj Finserv integrate BBPS, allowing borrowers to pay their instalments securely through multiple payment options. Now, using this platform, you can repay your loan instalment EMI and manage it efficiently. Borrowers can use credit cards, debit cards, and UPI to check and make their loan EMI payments.
- Check and track payments through email statements: Regularly monitoring digital, i.e., emailed bank statements or loan account summaries, helps keep track of due dates and outstanding balances. For this, you are required to register your official work email ID with your loan-disbursing financial institution.
- Focus on loan rescheduling and EMI moratorium: In case of financial challenges and difficulties, leading financial institutions provide options to restructure loans, including moratoriums, revisions of EMIs, etc., to rapidly ease the repayment burden. This method can also assist in managing your personal loan instalment online.
Benefits of online loan repayment
Managing personal loan instalments online provides several advantages. These include:
- Speed of repayment
- Convenience in handling and processing
- Enhancement in security
It also eliminates and reduces the need for physical effort, such as visits to the bank. Furthermore, it helps save time and maintain clarity in the process.
Lastly, online payments also provide instant payment confirmation messages, thus reducing the risk of errors and ensuring absolute transparency.
Future of personal loans in India
As digital lending continues to gain traction in India with the continuous evolution of technology and artificial intelligence along with improvement in modern banking, personal loans are expected to become more accessible and tailored to borrower needs and aspirations.
This will further propel efficient management of personal loan instalments online through various leading digital lending platforms. Features such as AI-driven credit analysis, paperless loan EMI processing, and instant disbursals will further boost consumers’ loan management experience and efficiency as the personal loan market continues to evolve and grow.
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