Simplify your Loan Repayment with Paytm’s EMI Options

byDilip PrasadFebruary 27, 2023
Loan Repayment with Paytm

Are you tired of juggling multiple loan EMIs and struggling to keep track of due dates and amounts? Look no further! Paytm has made loan EMI repayment a breeze with its convenient and user-friendly platform.

Paytm’s platform is user-friendly and convenient, allowing you to easily manage your loan EMIs. In addition, with the option to set up automatic payments, you’ll never have to worry about missing a due date again. The blog will take you through how loan EMI repayment can be made easy with Paytm.

How Paytm Makes Loan EMI Repayment Easy?

An EMI, or equated monthly installment, is a fixed payment that a borrower makes to a lender on a regular basis. The payment consists of both the principal loan amount and interest. Paytm, a popular digital wallet and payment platform in India, offers a loan repayment calculator that can help borrowers determine the size of their EMI based on the principal amount, interest rate, and loan tenure. It is important to pay EMIs on time to avoid negative consequences. 

Below is how Paytm makes it  easy to pay loan EMI repayment:

  1. Paytm is a digital payment platform that allows users to make payments online or through their app.
  2. It provides a secure and convenient way to make payments by linking bank accounts, credit cards, or debit cards to their Paytm account.
  3. Paytm offers a variety of payment options, including net banking, UPI, and Paytm Wallet.
  4. It provides notifications and reminders about upcoming EMI payments to help users avoid late payment charges.
  5. In addition to manual payments, Paytm offers the convenience of setting up automatic EMI payments.
  6. All your Loan EMI payments are settled instantly.

How to Repay Loan EMI on Paytm?

Here are the instructions to follow when repaying your loan EMI on Paytm.

  • Log in to your Paytm account or create one if you don’t have one.
  • Go to ‘Recharges & Bill Payments’ and click on ‘View More’ and select ‘Pay Loan’ from financial services.
  • Alternatively, you can search  ‘Pay Loan’ in the search bar.
  • Select “Lender” and ‘Loan Payment Mode’.
  • Enter your loan account number and other details.
  • Choose promocode from the promo list and click on Apply.
  • Select the bank account to make the payment from.
  • Review and confirm the payment.
  • You will receive a confirmation of the payment on your registered email and phone number. 
  • You will receive the applicable cashback amount within 24 hours of successful payment.

*  Remember to pay your loan EMI on time to avoid late fees and damage to your credit score.

Things to Consider when Repaying a Loan

There are several things to consider when repaying a loan through monthly installments (EMI):

  • Pay your EMIs on time to avoid late fees and negative credit score impact
  • Plan your budget and allocate funds for loan repayment
  • Consider refinancing to get a lower interest rate or extend loan term
  • Keep track of your loan balance and make sure you are paying the right amount
  • Communicate with your lender if you are having trouble making payments, as they may be able to offer options to help you get back on track.

How do I calculate my loan EMI using Paytm?

Following are the steps to calculate loan EMI using Paytm:
  • Go to the Paytm website and navigate to ‘Financial tools & calculators
  • Click on the “EMI Calculator” button.
  • Use the sliders to adjust the loan amount and tenure to see how it affects the EMI and total interest.
  • Once you are satisfied with the calculations, you can proceed to apply for the loan through Paytm.

Is it possible to pay off my loan in full through Paytm before the end of the repayment period?

Yes, it is possible to pay off your loan in full through Paytm before the end of the repayment period. If you have a loan with a lender that allows payments through Paytm, you can use the platform to make payments on your loan and pay it off in full before the end of the repayment period.

Can I view my loan EMI payment history on Paytm?

Yes, it is possible to view your loan EMI payment history on Paytm. To view your payment history, you will need to log in to your Paytm account and navigate to the “Passbook” section.

Are there any fees associated with using Paytm to make loan EMI payments?

It is possible that Paytm may charge a fee for certain services related to loan EMI payments.

Can I set up reminders for my loan EMI payments on Paytm?

Yes, you can set up reminders for your loan EMI payments on Paytm. This way, you won’t have to set up a reminder for every EMI payment.

How do I contact Paytm customer support for assistance with loan EMI payments?

There are several ways you can contact Paytm customer support for assistance with loan EMI payments:
  • You can use the in-app support feature to get help with your EMI payments through the Paytm app
  • You can also call Paytm’s customer support team for assistance with your EMI payments. The toll-free number is 1800-120-130.
  • Email support: You can send an email to Paytm’s customer support team at [email protected].

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