You can repay the loan by cash, cheque, DD/Wallet at the branch from where your loan is disbursed. Or, you can also pay online through fund transfer options like NEFT and RTGS.
There are three types of repayments:
– INTEREST ONLY: The borrower pays only simple interest on the principal every month. At the end of the tenure, the loan closes with payment of principal.
– EMI: The borrower pays a fixed amount at a specified date each month, comprising both the interest and principal. Over a specified number of years, the loan is paid off in full.
– BULLET: The borrower pays off the entire principal and interest at the end of the loan term.