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Frequently Asked Questions – Virtual Accounts

What is a Virtual account?

A Virtual Account (VA) is an account created and assigned to your SCB personal loan. This makes it
easy for you to make payments and SCB to differentiate each payment from the payment source.
What are the benefits of a Virtual account?
The benefits of using your Personal Loan virtual accounts is that it enables you to adopt to digital
payments modes like NEFT/RTGS/IMPS available from the comfort of your home.
How do I use the Virtual account as a client?
You can use the Virtual account for recovery / payment of EMI, Arrears if any without having to go to
the Branch from the comfort of your home.
Virtual Account transfer can be used through which modes of payments?
You can use NEFT as well as IMPS
What is my Virtual Account Number?
Virtual Account has two components:
Part A: LOANPAY and Part B: RLS Loan account number, i.e. LOANPAYXXXXXXXX
For example, from client perspective the beneficiary account to transfer funds for loan repayments will
be “LOANPAY41838282”.
What is my the IFSC code to be entered?
IFSC Code: SCBL0036072
What happens if I make excess/lesser payment towards emi/arrear?
Excess payment will get refunded to existing payment account mapped to that respective loan.
Lesser payment will be posted to your loan account.
What is TAT for Virtual payment credit in loan account?
It will be credited to your loan account the same Day
Virtual payment credit will reflect in in my loan statement?
Yes it will reflect in your loan statement.
Where can I check arrear amount/pending amount which needs to be paid?

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This is visible through online banking under your loan account or you can also contact us via
https://www.sc.com/in/contact-us/ for details.
Whether this Virtual Payment option is secure?
Yes, Virtual account is a secured type of payment since it leverages existing payment capabilities
through NEFT / RTGS / IMPS / SC Online.
Can I also use this link to make the part payment?
Not currently, as it will be used only for missed EMI payments and Arrear if any. Will send a
communication when this option opens for collection of other payments towards your Personal Loan
Account.
Will there be NEFT / IMPS charges?
NEFT / IMPS charges will be as applicable.

If there is any issue with NEFT / IMPS services (like IMPS downtime etc) will the payment get
impacted?
Yes, since virtual account use the same payment channel either NEFT or IMPS.

Can I make payment amounting to greater than 2 Lacs, do I need to do RTGS transfer?
Yes as per the process amount more than 2 lacs needs to be transferred through RTGS from the virtual
account

Will all bank account number field accept the alpha-numeric value for virtual account number?
This depends on your beneficiary bank

Can I use this payment using my Credit Card.

No, you cant

As the mode of payment is IMPS / NEFT assuming the payment can be done 24*7?
Yes