InvestorQ : How do I pay my EMIs for a personal loan?
krithika Saxena made post

How do I pay my EMIs for a personal loan?

Answer
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Suresh Patil answered.
2 years ago


Other than the fact that a personal loan doesn’t ask you to deposit any collateral with a lender, a personal loan is the same as any other loan.

You repay to a lender the same way you’d repay it in any other loan, viz. via equated monthly instalments (EMIs). These EMIs will be deducted from your salary account, or the account that you provide the lender as debit account in accordance with the mandate given by your bank to the electronic clearing system (ECS) and national automated clearing house (NACH).