What Are Loan EMIs?
Loan EMIs, known as Equated Monthly Installments, are predetermined payment amounts transferred monthly. The issuer of such a transaction is the borrower, while the lender is on the receiving end of this payment. An asset—property or tangible products—is borrowed to lead a comfortable life. Every month the EMIs are applied to the interest and the principal amount. It helps cover the loan amount within the time frame of the determined period.
There are various modes of payments at a borrower’s disposal to go about with the L&T loan EMI payment. The traditional methods go as follows:
● Debit card EMI
● Credit card EMI
● No cost EMI
However, most customer satisfaction and convenience are observed in EMI cycles associated with online payment apps. It requires little to no paperwork, taking off the burden of matching your bank’s time to proceed through each step.
Why Should You Pay EMI Online?
- Easy and Convenient
Digital wallets, like MobiKwik, offer intangible control over your money. You are entirely in charge of the money in your bank account and where you want to invest it. In the form of EMIs, banks meet your financial needs through logical planning to repay them, while ensuring that you lead a comfortable life.
Your L&T loan EMI payment can go through without hindrance with just a few clicks on the screen. It supports mobile phones and works as seamlessly as it would on laptops or computers. Set it up to your bank account so the payment is deducted automatically, falling quickly into your EMI cycle.
- Complete Transparency
Online payment apps give you an overview of all the available plans. Deft research skills help you navigate and compare programs across various sources until you decide what works best for you.
You can go through all the information in the comfort of your home or during your lunch break, so never having enough time won’t be an excuse for debate. Alert notifications sent via email and SMS leave no room for confusion. Regardless, all doubts are cleared through expert assistance.
- Tie-ups with Companies
Contacts are essential for any business to make it in the market and, most of all, last. Banks and policy-building corporations are the key factors mandatory for an EMI to exist as legally acceptable.
- Hassle-Free Experience
One of the things or misconceptions associated with online payment apps is that they may be complex to navigate. Fortunately, it holds very little truth. MobiKwik is designed keeping in mind the simplicity of the interface.
Recognizing that this is an app for common people, it is simplified to work through the application in just a couple of steps. Additionally, you won’t have to break a sweat on the piles of paperwork offline EMI demands. The online payment app asks for minimum documentation and is 100 percent paperless in nature.
Top 3 Benefits of Online Payment Apps
Online payment app helps you save a ton of time that you would otherwise spend on visits to the bank. They recognize that you have plans and better things to do with your time. When you can accomplish a task on your living space couch or at your work desk, why pay a visit to the bank? You won’t have to worry anymore about syncing your schedule with the bank’s rigid timings with a 24/7 availability of the apps.
- Safety Encryption
The security of client details is a high priority. Despite the risks associated with cybersecurity, online payments can offer premium security through encryption as a technology. Issues such as bouncing cheques can be avoided with an online payment app, as the payment is transferred right after being processed.
- Instant Confirmation
Offline payment confirmation takes days on length to arrive at your doorstep. You may even doubt whether the recipient went through it or not in the first place. It harbors distrust and unnecessary stress over all the other things you worry about. You will be glad hearing that there is no need to
wait for the mail to reach you after payment. With an online payment app, you receive notification alerts immediately and visual documentation of all transactions.
MobiKwik is equipped with a team of subject matter experts regarding EMI and loans. Every step of the way, you will receive guidance to make the journey as smooth as it can be. Always choose the trusted methods for all your L&T loan EMI payment transactions.