My EMI Deducted After Loan Closure
How to stop ECS payment as I have noticed that my EMI is deducted even after loan closure. Please let me know how to cancel ECS payment.
Whenever you are taking any loan For example: Personal Loan, Home Loan or Study Loan - a digital approval service (ECS) activated by the bank towards regular deduction to EMI starting ones bank account till the termination of the mortgage period.
Specifically, What should you do in this event?
There isn't any want to anxiety / panic in the event that EMI debit happens during their bank account in spite of whole repayment for the loan like finance companies refund the debited quantity. Anyhow, the time taken when it comes to return varies bank to bank between 5 days to 30 days period. In case you expect that debit and/or withdraw completely money after your account before the bank debits financial, on lender may perhaps fee one penalty for EMI standard, typically surely creates trouble at consumers. The solution is to obtain your account cleared prior to the ECS day since financial institutions tend to be constrained to end your ECS training. Therefore, in case a person repay the loan various days after the ECS debit cycle, the chances of extra EMI to be debit will be very minimal. Anyhow, in case it happens all over ECS debit period, you may have to go with an extra debit of EMI.