Here we are discussing about when repaying the loan through ECS.
When you take a loan like a home loan or personal loan, you are required to pay its EMI on a fixed date every month. We are generally so busy with our personal and professional lives that it can be challenging to remember the EMI date. Missing EMI date could result in a penalty, and regular late payments can also affect your credit rating.
To eliminate this inconvenience, lenders in India now offer Electronic Clearing Service (ECS) facility to the borrowers.
If you bounce an ECS, you will have to bear the same fines as you would have for a bounced Cheque. And this could be as much as Rs 750. Keep in mind that your bank runs an ECS and there isn't enough funds, bank may run an ECS again at a later date (usually a couple of days), that is after a few days.

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Presenter : Nidhin Punnakkara
DOP : Vipin Mottammal

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