Canara bank is one of the best banks in India when it comes to home & other loans. Earlier there was a form for repayment which was filled out manually but now the process is automated. The bank has made the process very simple. You can perform your loan repaying in Canara Bank through Netbanking service to avail of this facility.
Life is not as easy as it was some time back. With rising inflation rates and price hikes, people find it hard to afford the basic necessities of life. Or let’s say, it becomes nearly impossible for them to fulfil their ultimate dream of owning a house or business premises for that matter.
Due to this reason, banks and lending agencies offer loans at a fairly convenient rate, so that people can fulfil their dreams without worrying about the particulars.
Requirements for Repaying Loan
- Install & Register CANDI App.
- Know MPIN and Transaction PIN.
Steps to pay Loan using Canara Bank Mobile Banking
CANDI Mobile App Canara bank is also in news for new added features and functions like now you can make UPI through this app, which is a revolution in the banking sector. By using this you can do all banking transactions from the comfort of your home. Banking by mobile is the future of the world of banking.
Step 1: Open the CANDI App and Enter the PIN.
Step 2: Go to Loan Section and Select the Loan You want to pay.
Step 3: Click on the Loan Payment button at the bottom.
Step 4: Now select the account you want to pay from.
Step 5: Enter the amount you want to pay and click Continue.
Step 6: Verify the details and click Confirm.
Step 7: Enter the MPIN & Click Next.
Step 8:You have now received a Successful notification, indicating that you have paid your Loan Amount.
Why Do We Need to Pay the Loan Amount On Time?
Paying your loan on time is one of the easiest ways to save a lot of money. Yet many people do not pay their loans on time every time and also they tend to Penality.
Many are facing bad credit because they have not paid their loan on time. So it is very important that you make timely payments of your loan, or mortgage, or other debts.
Benefits of Loan Payment Early
The process to pay off your loan early is known as early settlement. This can be done for several reasons:
1. To get rid of expensive credit card debt or another type of consumer debt that has become a burden and is preventing you from saving money.
2. To reduce the total amount paid on your mortgage and save money on interest payments; this is particularly advantageous if your current mortgage deal changes or is due to expire before you finish paying it off.
3. To facilitate an extra payment and make sure you meet your required minimum payments on time; this will help to improve your credit score.
4. Getting a Discount – Repaying early helps you get a discount that is offered by the bank.
5. If you repay the loan instalment on due dates, You can enjoy instantaneous approval of loan over the internet.
The above step by step procedure will help you to perform Loan repayment using Canara Bank Mobile Banking. I hope you will have a great experience when you repay loans using Canara Bank Mobile Banking. However, if you face any problem while using Canara Bank Mobile Banking, kindly contact us by comment form given below Or contact Customer Care.