Most personal loans are repaid in fixed monthly installments over a set period (the loan tenure). You can usually choose a tenure that suits your budget, such as 12 months, 24 months, or longer.
Here are some common repayment methods:
- Automatic bank transfer (Auto Debit): The easiest way! Your monthly payment is automatically deducted from your bank account.
- Online banking: Make payments through your bank's website or mobile app.
- ATM transfer: Transfer funds to the lender's account via an ATM.
- Cheque or cashier's order: Some bank accept payments by cheque or cashier's order.
Be sure to check the repayment methods with your bank on the accepted payment methods!
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