Paying a loan EMI online when auto-debit isn’t enough

Home Credit India lends mainly to people new to credit, for phones, appliances and small personal loans, and says it has served over 1.6 crore customers. In February 2025, TVS Holdings completed the purchase of an 80.74% stake in it, with Premji Invest and other TVS associates taking the rest. Existing loans continue under the same company.

DMI Finance is a non-banking finance company whose consumer loans are often taken at the point of sale for phones and electronics.

Both appear in the loan repayment category on Bharat BillPay platforms. If you can't find your lender in the app, pay through its own app or website instead, and ask it whether it plans to join Bharat BillPay.

You need the loan account number from your loan agreement, welcome SMS or the lender’s app. Some lenders also ask for the registered mobile number or date of birth.

Paying manually doesn't cancel your auto-debit mandate. If you pay an EMI yourself a few days before the due date, ask the lender whether the mandate will still be presented that month, or keep your account balance low enough that a duplicate won't go through. If you are debited twice, the lender adjusts or refunds the extra amount, so contact it with both references.

A missed EMI usually brings a bounce or late charge set out in your loan agreement, plus interest on the overdue amount. Lenders report repayment history to credit bureaus, so a late EMI can lower your credit score and make your next loan costlier. If an auto-debit fails, paying manually the same day limits the damage.

Take a ₹50,000 loan at 24% a year over 24 months. The EMI is ₹2,644, and you repay ₹63,445 in all. In month 1, ₹1,000 of the EMI is interest. By month 24, interest is just ₹52 and nearly the whole EMI goes to principal. More than 70% of the ₹13,445 total interest is paid in the first year. Prepaying early saves the most; prepaying in the last few months saves very little. Check your loan agreement for any prepayment charge. Try your own numbers in the loan EMI calculator.