No Online Loan Repayment Option in Indian Banks? (Hindi) - YouTube

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Namaskar my name is Mukul and welcome to asset Yogi

Friends if you take any loan like a home loan, car loan

Personal loan, loan against property

or any type of loan, so you will also repay the loan.

What are the options you have for repayment?

First, you can give a post-dated check to the bank

You can apply auto-debit in your account.

This means the ECS mandate which we call an electronic clearing system.

Nowadays NACH Mandate is also available By using one of the two

You can give a direct mandate from your bank to the bank

So that your EMI get automatically deducted from your account

The third requirement is supposed your EMI is overdue

so what options do you have

Most of the banks provide you with an online option that you can pay your overdue EMI online.

The fourth requirement is that if you want to make an extra payment of your loan.

For example, suppose if you have taken a home loan of ₹20 lakhs

And let's say your EMI is ₹20,000

If your EMI is due

So you have the option to pay EMI online.

But if you want to make part payment

Let's say you get ₹ 2,00,000 from somewhere

So how will you pay ₹ 2,00,000

Does it have any options?

In today's era when we are living in the world of online.

Are banks giving us this option?

That's what I am going to discuss in this video.

So keep watching this video.

Music

Let me clarify one thing in advance.

I do not want to malign the name of any bank or institution through this video.

And I have no intention of tarnishing their reputation.

Here I just want to share real experiences.

So that people become aware of what kind of problems they may have to face.

And if banks watch this video or if any banker watches this video

So they can improve their customer care service.

Here I am going to share the experience of ICICI Bank,

Bajaj Finserv and LIC Housing Finance.

Because I didn't get any option here

that if I want to make part payment of my loan

But no online option is not available

Let me show you

First of all, let us see the loan repayment options of ICICI Bank

What are the options available online?

When I searched on google

so I got this first result

After going into it, here online loan payment options are shown

Using net banking

These are 4 steps which you have to follow.

You can select the bank from which you want to make your payment

For example, I have selected ICICI Bank here

After that, you can check what limit is given by going to FAQs

So I checked by going to FAQs What is the maximum payment we can make?

If we want to repay any of our loans.

Here, Is there any limit on the size of a payment I can make

Yes, it should be less than or equal to.

Let me zoom in and show you.

It should be less than or equal to the amount payable displayed on the transaction screen

Amount payable that you see on the transaction screen

It only shows your due current EMI You can't pay more than that

I'll show you the proof of this too

then you go to payment options, selected the bank then click on proceed

After that, you click on disclaimer on "I Agree"

You will enter your loan account number and verify it from here.

then a screen like this will appear,

I was looking to pay off my home loan.

So here is the Next EMI of Rs 22644 is given.

The amount payable currently is ₹835 only

You will not get the option of paying more than EMI here.

When I did not get the option to pay online in ICICI

So I called their customer care and asked them

what options do I have next to make part payment

So they said that you can pay up to six EMIs through the phone.

But for that, you need to have an account in ICICI Bank

by chance, I had an icici bank account

So I paid the amount of 6 EMIs

But I wanted to make part payment of more than 6 EMIs

I have received some extra payment

I didn't want to keep that money in the bank I should prepay the loan

but I didn't have any option for it

I have to visit the bank if I want to pay an extra amount

So I asked the customer care why are you doing this,

How will you benefit from this? You will be able to earn only a little interest.

maybe I will visit the bank today or tomorrow

You are ruining your customer care service for two-three days of interest

Whoever has to make a part payment, he will pay anyway,

he will not keep money in his account

But I got to hear another excuse from customer care

They said that we do not give this option because

We want to know from the customer whether he wants to reduce his tenure

Or does he wants to reduce his EMI amount

This means if I have a loan of 20 years

and I am making some part payment so either I want to change loan of 20 years to 15 years

Or I want to reduce my EMI from 20,000 to 15,000

I didn't get any logic in this.

Because if they want to provide this option, then this option can also be given online.

Whether you want to reduce your EMI or tenure.

So obviously the banks are playing a little bit here.

To earn a little interest.

Because people get late to visit the bank.

They may have to take leave to go to the bank

Because they can't go during office hours

But it's definitely not a good customer service

It's not just about ICICI Bank

Let me quickly show you an example of a Bajaj Finserv

And LIC housing.

Let us also check the options of Bajaj Finserv

I typed Bajaj finserv loan repayment online

This is the first option I got.

And when you see this too, it is clearly written here too.

Please use this service only in case you have missed the EMI payment

or have an outstanding overdue on your loan.

If your EMI payment has been missed or if you have an overdue then only you can pay here

The second option comes from the customer portal.

There may be an option of online payment in the customer portal

So I also log in online in the customer portal

In this way, you can sign in by going to the customer portal

I have already logged in, here you will get different options.

I also have an ongoing loan with Bajaj Finserv. Here you are getting online payment options

Here I clicked on Part Payment, After clicking Part Payment

So, We regret that we are unable to reschedule your loan at this point in time.

Kindly write to so and so or contact your relationship manager

So here also I am not getting any option. In fact, I have also written an email to Bajaj Finserv

I have done a lot of follow up also but I have not found any such option.

If you want to repay a higher amount of loan online

So I haven't got that option from any bank yet.

Let me show you LIC Housing options also

In LIC housing login into the customer portal

So you get to see this kind of interface

Here select pay dues online and select your loan number

Here too it is written

I'll show you this too by zooming in a bit

Please do not use this service if you have not missed EMI/PRE-EMI payment and have ongoing

Active and regular means of your EMIs

That means you are also getting this option only if you have missed EMI in the ECS instruction

You can use it only if you have overdue.

If you want to make part payment then there is no such option

So through this video, I just wanted to share my real experience with you.

So that both the consumer and the banks can be aware.

If you are a consumer, let's say if you have taken any loan

or you want to take a loan

So you must ask this question to the bank

If we want to make a part payment so I have an online option available or not

If more and more questions are asked to the bank,

then they will improve their customer care.

If you are a banker.

Work in any of these banks.

and you are watching this video

So I also request you to improve your customer care.

You are not going to get more benefit from 1-2 days of interest.

If your customer care service is good then more people will reach you

You will get repeat customers.

I think I have clarified my point here

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