MUMBAI, India, Aug. 12 -- Intellectual Property India has published a patent application (202521009677 A) filed by Avinash Manik Jadhav; and Sharda Manik Jadhav on February 06, 2025, for System And Method For Ensuring Timely Loan Emi Payments.
Inventors include Avinash Manik Jadhav; and Sharda Manik Jadhav.
The application for the patent was published on August 07, 2026, under issue no. 32/2026.
Abstract: Title of the invention System and Method for Ensuring Timely Loan EMI Payments Abstract This invention is designed to help ensure that customers never miss their Equated Monthly Installments (EMIs), even if they don’t have enough funds in their bank account. The system keeps an eye on the customer’s account balance and sends a notification if there’s a shortfall. If needed, it checks whether opening a membership EMI account would help, based on the customer’s financial history and potential penalties for missed payments. If the customer qualifies, the system automatically transfers the required amount from the membership EMI account to cover the EMI. It also manages the repayment of the borrowed amount, following a clear plan. The system keeps everything transparent by updating the customer’s records and sending reminders for repayments. Overall, it helps customers avoid missed payments, protects their credit scores, and reduces financial penalties, making the loan repayment process smoother for both the borrower and the lender.
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