Today, Personal Loans are easily available on P2P platforms. Each and every EMI payment is scheduled on the Lenders profile for on time repayment. However, we tend to forget paying EMIs due to our busy lives. Direct Debit mode of payment is one of the safest and user-friendly ways of paying your loan EMIs. Since, the payments get deducted automatically, no bills can ever be forgotten, lost in transit or postponed by other problems. Therefore, there’s absolutely no risk of late payment fees.
If you’ve ever forgotten to pay any of your loan EMI, you must be aware of the hassles of a skip. Direct debit mode and standing instruction orders afford to ensure all your payments on time, automatically. Just find out with your lending institution as to which guidelines to follow to set up direct debit as your mode of payment for your personal loan repayment. Also check out how and when to use them and how it helps to sort out your problems.
Home Credit offer a Direct Debit option to pay your loan installments in a few quick steps. Here are the top 8 reasons to start using the direct debit:
- Peace of mind
As a loan payer, you’re paying your bills are on time automatically. There’s no need to make a mental note of all dates of payment. This way you will never miss a payment or become liable to late payment fees or penalties.
- Convenience
The physical mode of payments can bring hassles of handling a cheque or demand draft or card payments. Changing your mode to direct debit can save long hours of your precious time for more constructive outcome.
- Security
Here, a good NBFC assures you of Direct Debit as a safe & secure mode of payment. This is usually available upfront and likely to be devoid of frauds.
- Rationale Budgeting
Its best to manage your financials with an easy budgeting. Direct Debit mode helps to prioritize your payments in tandem with budgeting.
- Flexibility
Under the direct debit option, you’re free to choose the payment dates and time for quick payment.
- Trust
The Direct Debit option provides adequate protection & safeguards for a comprehensive course of action.
- Popularity
According to a survey, a huge adult population today use Direct Debit to simplify their loan payments.
- Control
After you have time off the EMI dates & dues, you can dedicate time to maintain your finances and predict your future prospects. Direct Debit serves alternative payment methods as standing orders.