When it comes to doing your repayment of loan, there is a myriad of options available in the market for you to choose from. The majority of the financial service key players in India offer numerous online and offline methods of loan repayment options for the convenience of their users. Among the multiple options, you can pick the one that suits your requirements in the best way possible. Many borrowers choose the qcard payments options because it gives them the power to pay the loan at their disposal. This mode of repayment is quite popular among the crowd.
If you have taken a loan, repayment of loan at the right time is a must. Here are a few methods that are considered the best methods for the same, and can help you save money.
Read to know more about the methods of loan repayment online at minimum fees!
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By doing a full prepayment.
Doing a complete prepayment means that you are doing the repayment of loan before the tenure gets completed. Usually, a period of a year exists after which you can easily do the complete prepayment of your loan.
This helps in saving money to a great extent as the interest that gets applied on the amount borrowed, would not get accumulated. The interest rates levied by the bank are not very less and can be a real drain on the pocket if not taken care of.
Also, getting the interest amount accumulated and paying it later would make you pay for a way larger amount. You can do the repayment of loan by doing a complete prepayment after the expiration of a year’s tenure. Besides just this, if someone has a good amount of cash with him, he can opt for using it for the repayment of loan and lessen his burden for the future.
Many banks charge a penalty for the prepayment. However, it is not the case with all banks, and you must go through the banks’ policies to know more about them. If there are no extra charges or penalty rates, take your shot and make the prepayment of the loan to save your money.
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By doing the part payment.
This method of repayment of loan is one of the easiest and the most comforting ways of making the payment of the borrowed loan. Part payments are valuable and beneficial only when you have a good amount of money at your hand. This amount might not necessarily be equal to or around the principal amount that you have borrowed but must be ample.
The bank does not stop you from making small partial payments, but that will not help you save any money. Part-payment can prove to be helpful to you if you are making a payment of a good sum of money. This is because this type of payment reduces the principal amount which is unpaid by you. Eventually, the interest that is being calculated on that very amount gets lessened, making you save money.
The larger the sum you are repaying, the larger benefit you will be able to get. Another benefit of making partial payments is that you do not get a single chance to do it, but many. You can make many partial repayments, depending on the amount of money you have with yourself at that moment in time.
Partial payments can greatly reduce your mental stress of arranging a good lump of money to make the repayment of loan with bbps bill pay. You get to pay the money back to the bank, in the most convenient way for you. There needs to be no consistency in this process, and you can do it whenever you wish to, irrespective of any deadlines and fixed dates.
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By making qcard repayments.
Qcard repayments can make your work of paying the bank back, the borrowed amount easy. The qcard repayments offer the best alternative to the credit card which you might have used for the repayment of the loan.
The flexible repayment options offer by the card can make your repayment of the loan very easy by keeping your comfort and convenience a priority. The qcard repayments give you the liberty to decide the amount of repayment and also the time at which you are comfortable in paying it back.
The minimum repayment amount must be paid by you and then, the exact amount that you wish to pay monthly is your call to make. Here also, you are recommend to complete the repayment of your loan as fast as you can, as the remaining amount will have interest calculate upon it monthly and can aggregate into a handsome amount in the end. This amount, in addition to the principal amount, will be require to be paid by you before the expiry of the term.