Most people would have chosen Auto debit as a loan repayment options in order to avoid missing payments. Individual who have not opted for the Auto debit facility can do it manually by following simple steps. Borrowers of SBI loans can now quickly pay their SBI loan EMI online if they missed it or if they (borrowers) want to prepay some amount. This service entails transferring funds from a savings account to the credit of a loan account via NEFT, which is an instant transfer because the accounts are with SBI. If it hasn't already been done, users must have their loan account linked with their online banking account or customer id in order to use this functionality. Prepaying the loan is as simple as adding your loan account as a third-party account and then transferring funds using a regular NEFT transfer.
How to Link SBI Loan Account to Savings Account?
Add your loan account as a third-party account, just like you would a third-party account, so you can make the NEFT payment later. You should be able to see the account as one of the newly added accounts after it has been added.
Step 1: Online SBI Login.
Step 2: On Dashboard then click on the Profile Tab
Step 3: Click On the Manage Beneficiary Link
Step 4: Enter your Profile Password
Step 5: Click on the Inter-Bank Beneficiary Link
Then Enter Payee Name, Account Number, Address, Inter-Bank Transfer Limit. Enter the IFSC Code
Step 6: Check the box "I accept the Term and Conditions"
Step 7: Click on the Submit Button.
How to Pay Amount to SBI Loan Account?
Step 1: OnlineSBI Login
Step 2: Go to Payments/Transfers
Step 3: Click on the Funds Transfer (Within SBI) option
Step 4: Select the account to be debited
Note: All your loan account will be visible on this page, you can select the loan to repay.
Step 5: Enter the amount
Step 6: Select the purpose from the dropdown
Step 7: Click on Pay Now
Step 8: Submit
Step 9: Confirm
Home Loan Borrowers
Although the MaxiGain Loan account is an OverDraft account, payment to your Home loan account through NEFT will park your money in the MaxiGain Account(loan account). As a consequence, it will deposit into your account but will not be paid. While the principal sum will be reduced by your bonus, you will not be able to assert this amount under section 80C of the tax code because it will be considered as a Parked amount rather than a pre-part payment.
You will get an intimation of the payment, you can check the same by clicking on transaction summary. It should be noted that this online loan prepayment through NEFT should be possible for all types of loans, not just home loans. Why restrict yourself to pre-payment? You can also pay your standard EMIs online instead of using auto-debit. As a result, request that your bank allow/enable this option. If you have a bank account and a loan account with the same bank, connecting the accounts should be a simple process. Make sure you have access to internet banking and that the branch where you have your loan account supports online payments.