Learn how to repay an Education Loan online
Have you availed an Education Loan for higher studies? You can now repay the loan online with the help of Internet Banking or through an UPI-enabled mobile banking app. Read further to know more.
A lot of students today avail Education Loans to study within India or Overseas. If you are a student, you can easily get a loan for higher studies at attractive interest rates. It is easy to get a loan; however, when it comes to repayment, you need to plan it in a smart way. You can pay your Education Loan EMIs online through ICICI Bank Internet Banking, UPI or Debit Card.
Pay EMIs online with ease by following these four simple steps:
Step 1. Select your Bank
Go to https://bit.ly/3q5AxIn and select the bank from which you have obtained an Education Loan
Step 2. Provide your Loan details
Enter your 16-digit loan number twice
Enter the required amount against “Amount Payable” and click on “Pay Now”
You will be redirected to the payment interface of your chosen bank.
Step 3. Confirm Payment
Enter the Internet Banking authentication details
Choose the amount you would like to pay
Your chosen bank account will get debited instantly.
Step 4. Receive Online Confirmation
You will instantly receive a confirmation through an SMS or e-mail.
Here’s how you can pay the loan using an UPI-enabled banking app. If you have availed an Education Loan from ICICI Bank, follow these steps to repay:
Step 1. Input your Loan Account Number twice
Step 2: Click on ‘Verify’
Step 3. Verify all the information displayed on the screen
Step 4. Enter the loan repayment amount you
Step 5. Tap on ‘Generate QR Code’
Step 6. Log in to any UPI app or BHIM app and scan the QR Code
Step 7. Post scanning, proceed to pay
Step 8. You will get a transaction confirmation on your mobile screen.
Tips to repay an Education Loan
Plan a monthly budget and stick to it. Conduct an assessment of your spending habits
Apart from paying the Education Loan through regular EMIs, you can pay in lump sum i.e., foreclose the Education Loan whenever possible in order to reduce the principal amount faster. This will help minimise the duration of the loan and the interest accrued
A part-time job is one of the best ways to repay the Education Loan and keep yourself out of debt
Bad money management can prevent you from paying off your loans quickly. By planning and understanding your monthly cash flow, you can make the necessary changes to your budget
If you struggle to repay the loan due to the high-interest rate opt for an ICICI Bank Balance Transfer facility. This will lower the monthly EMIs and help in making the repayment a tad bit easier.
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