What is that?
If you are a salaried person and have a salary account in a bank. Then, you can contact bank authorities and sign for ECS for loans that is ...
previously, when we buy loans each month we will have to pay them back using cheque or cash. Isn't?
Now, if you sign for ECS and submit that copy to the bank from where you are getting loan, then they will automatically detect the loan EMI amount on a specified date of a month.
Eg: In my case, each month on 05'th, ICICI detects a specific amount as EMI from my account.
ECS is electronic clearing system, In this the banks have been given a standing instruction that every month an amount that is ether the amount on due on bills (credit card, Mobile phone, etc) or on installment of your loan or even in some cases mutual funds and shares, so the required account is taken out of your account and given to the required party through a safe and secured transaction.
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