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Can I Pay Money to a Loan Account Using UPI?

FAQ561 views

Highlights

  • How to Use the UPI for Loan Payments?
  • Read this post and know bank-wise loan payment services with this app

Yes, you can use the Unified Payments Interface (UPI) service for your loan EMI payments. You must be aware of the digital payment service UPI which is quite popular these days whether to pay the utility bills or make purchases online. Banks and financial institutions allow the borrower to use the UPI service for loan payments. Using UPI you can pay our EMI instantly online without any hassle. Read this post and know how to use the UPI services for loan payments.

State Bank of India (SBI)

Using UPI you can pay your SBI loan without any hassle. With this payment service, lots of customers have been paying their EMI. Follow the below-mentioned steps to pay the loan EMIs using SBI UPI services.

  • Login to BHIM SBI Pay App
  • Select the ‘Pay’ option
  • Select payment options like VPA or enter the loan account number
  • Enter other required details such as EMI amount, etc.
  • Select the debit account from the linked bank accounts
  • Click on the checkbox to proceed
  • Enter your UPI PIN to authorize the transaction
  • Click on the checkbox and complete the payment

ICICI Bank

You can borrow a personal loan, home loan, car loan,and other types of loans from ICICI Bank. And to repay these loans, you can use the ICICI bank UPI services.

  • Download UPI enabled banking app for your ICICI loan payment
  • Enter your loan account number twice
  • Check all details displayed on your screen.
  • Enter the EMI amount
  • Click to Generate the QR Code
  • Scan the code
  • Proceed to payment
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A confirmation notice will be sent to your registered mobile number when the transaction is successful. Using the UPI app, you can make a maximum payment of INR 10,000 per transaction and a maximum of INR 20,000 per day.

HDB Financial Services

You can pay the HDB Financial Services Loans anytime and anywhere using UPI services. Follow the steps to pay your HDB Financial Services loan.

  • Enter your HDB loan account number twice for the verification
  • Verify name, account balance and enter your UPI ID
  • Open the UPI mobile app linked and complete the payment
  • You receive a Transaction Reference Number on successful payment

Axis Bank

You don’t want to miss an EMI payment because it can burden your next EMI cycle. So to avoid the due payments, you can use the Axis Bank online payment services like UPI. Using the UPI app, you can pay EMI quickly at your convenience using a mobile app. It is free to use and there are no additional charges for it. Follow the steps below for your Axis Bank loan payment.

  • Download BHIM Axis Pay Or any UPI App
  • Continue with the loan payment
  • Select the Virtual Payment Address which is your loan account number
  • Enter the amount you want to pay
  • Confirm the payment
  • Click on ‘Submit’
  • The EMI amount will be credited on the next working day

HDFC Bank

To pay your HDFC Bank loan EMIs, you can use the UPI payment service where you are an HDFC customer or not. Follow the steps and repay your borrowed loan amount.

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HDFC Bank Customers

  • Click on the ‘BHIM UPI Payment’ icon on your HDFC Bank MobileBanking App
  • An SMS for device biding & security will be sent to your registered number
  • Create a UPI ID and link it with your HDFC Bank account number
  • Generate a 4-digit UPI PIN
  • Open the HDFC Bank MobileBanking App
  • Enter the loan account number
  • Enter the amount and other details
  • Enter the 4-digit UPI PIN and Pay

Non-HDFC Bank Customers

  • Download the UPI Mobile Banking App
  • Create a UPI ID
  • Choose a bank and the bank account
  • Set a 4-digit UPI PIN
  • Click on ‘Pay’
  • Select the beneficiary
  • Enter your loan account number
  • Enter the 4-digit UPI PIN and Pay

On your successful transaction, an SMS will be sent to your registered mobile.

Kotak Mahindra Bank

You can pay your Kotak Mahindra Bank loans with UPI services. To use the Kotak Mahindra Bank UPI services for loan payments, you just need to go through the steps shown below.

  • Select your VPA
  • Enter the Loan Account Number and Submit
  • Confirm the details and click to ‘PAY’

After the payment has been done, a message will be sent to your registered mobile.

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Personal Loan Interest Rates September 2020
Fullerton India14.00% - 33.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.75% - 18.49%
IndusInd Bank11.25%
Kotak Bank10.99% - 20.99%
RBL17.50% - 24.00%
Standard Chartered Bank11.00% - 15.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates September 2020
Axis Bank7.75% - 8.55%
Bank of Baroda7.00% - 8.40%
Citibank8.20%
HDFC6.90% - 7.65%
ICICI Bank6.95% - 8.05%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank7.20% - 9.30%
LIC Housing6.90% - 7.90%
Piramal Capital & Housing Finance9.00% - 9.10%
PNB Housing Finance8.60% - 9.45%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI6.95% - 7.60%
Tata Capital9.20% - 9.35%