Peoples are always busy in their daily routine work. In a busy schedule it is very difficult to visit branches every month for repay or prepay a loan. Suppose you are outside from your home town for work or holidays. You are so busy in your work and you don't have time to visit branch to repay your loan EMI. Again suppose you have received some extra amount and you wish to prepay your loan by this amount. But you don't have time to go branch for prepay the loan amount. In such conditions you can pay the EMI/extra amount to your loan account without visiting branch using SBI Internet Banking.
SBI offers the facility of paying loan EMI or other amount online through its internet banking. But you can do this only when you are registered with SBI Net Banking. For registering in SBI Net Banking you can go to branch or do it online. You can easily register with SBI Internet Banking online. After registration if your loan account is not shown in your Internet Banking dash board then you need to add your loan account as beneficiary. After added your loan account to beneficiary list you can easily transfer money from your savings bank account. If your loan account is showing on the dash board of your internet banking then you need not add your loan account in the beneficiary list. You can transfer money selecting own account within SBI option.
If you want to know the process 'how to pay SBI loan EMI online?' then this blog will help you to do so. Here we discuss the step by step process of SBI loan repayment online. Now follow the following steps.
Adding of loan account to beneficiary list : If you have a loan account with same CIF number with savings account then you need not add your loan account to internet banking beneficiary list. It is automatically linked with your savings bank account. The maximum chances is that CIF number of loan account and savings account is same. If your loan account have other CIF number then login to your SBI internet banking go to profile section. Then go to manage beneficiary and add your loan account by the process as the other accounts added to beneficiary list.
How to pay SBI loan EMI online : Firstly you need to login to SBI internet Banking with your user ID and password. Thereafter follow the following steps.
STEP 1: After login to SBI internet Banking you will find an option 'Payment/Transfer' on the upper bar of the page. Click on this option.
STEP 2: After click on 'Payment/Transfer' some other options will be opened. You will see the transfer options. Find and click on the option 'Fund transfer (own SBI account)' option and click on it.
STEP 3: In this page select your saving account number from which you will pay the amount. Then enter the amount you wish to transfer. After that select a option in the purpose. You can select it as 'loan repayment'. After selecting the purpose select the loan account from the list of accounts. Then click on 'submit' as shown in the image bellow.
STEP 4: An other page will open where the transaction details will be shown. You need to verify the transaction. Check all the details once and click on 'Confirm'.
Now a massage will displayed, it says that your fund transfer was successful. It will also show the debited account number, credited account number and transaction reference number. If you check the loan account's statement then you will see the details.
We also discuss the step by step process of SBI loan repayment in the following video. If you like the live demo then watch this video. It will help you to understand the process.
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