Is ECS the best way to pay Home Loan EMI or can we do online transfer manually ?

POSTED BY Manshi ON October 19, 2013 5:11 pm COMMENTS (6)

Hi,

Recently I have bought home loan from Indian Bank.  I have SB account in the bank and  linked with loan account in net banking.  My questions is Which is the best way to pay(EMI)  is ECS or Online Fund Transfer maually?  my bank manager suggested me online fund transfe manuallyr is best to pay(EMI).

Could you please any one to clarify me.

Thanks and Regards,

Manshi

6 replies on this article “Is ECS the best way to pay Home Loan EMI or can we do online transfer manually ?”

  1. Manshi says:

    Thanks Ashal.

  2. ashalanshu says:

    Dear Manshi, why are you not opting the easy route? Please ask your bank to change the ECs date from 10th to 2nd. it ‘ll save your manual work and a lot of headache.

    Thanks

    Ashal

  3. Manshi says:

    Hi,

    I have bought HomeLoan from Indian Bank for 20years.

    Thanks
    Manshi

  4. ashalanshu says:

    Dear Manshi, which loan you are talking here? Is it SBI Max Gain? Unless your basic loan is not daily reducing balance loan, you ‘ll not save the interest from the way you are thinking.

    Thanks

    Ashal

  5. Manshi says:

    Hi Ashal,

    If I set ECS everymonth 10th it will deduct amount from my SB account. But I am not waiting upto 10th, so I am transferring EMI amount from SB a/c to my Loan a/c every 2nd of the Month. It will save some interest amount right?

    Could you please advice on this.

    Thanks and Regards,
    Manshi

  6. ashalanshu says:

    Dear Manshi, to keep the system automated, no lender ‘ll allow manual credit of EMI.

    Thanks

    Ashal

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