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How is the mode of payment for Personal Loans?

April 26, 2017mode payment personal loans

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How is the mode of payment for Personal Loans?

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10 Posted

Repayment of a Personal Loan is done by issuing post-dated cheques for the entire tenure of the contract. The amount of the post-dated cheque would be the EMI i.e. equated monthly installment. Some lenders also permit repayment option by way of standing instructions to your bank account or deduction at source from your salary every month.