What to Do If You See Additional Charges After Loan Closure

Loan closure does not always mean every account entry is processed at the same time. Additional amounts may appear if some dues, interest, charges, or payment-related entries were not included in the amount previously paid. The exact reason depends on the loan account and applicable terms.

Possible reasons include:

• Residual interest: Interest may have accrued up to the applicable closure or payment date.
• Delayed EMI charges: Charges for an EMI delayed before closure may be reflected later.
• Return charges: A failed NACH, ECS, or other repayment transaction may result in applicable charges.
• Foreclosure or prepayment charges: Applicable charges may arise when a loan is closed before its scheduled tenure, subject to the loan terms.
• Other applicable charges: Certain account, documentation, or statutory charges may apply depending on the loan arrangement.

Don't assume an additional charge is incorrect just because it appeared after closure. Review the account statement and applicable loan terms to understand what the amount relates to.

What should you check when additional charges appear?

Start by comparing the additional amount with your final payment details and loan closure records. This can help you identify whether the amount relates to an existing obligation or requires clarification.

Check the following details:

If your records show the amount was already paid or the charge doesn't match the applicable terms, keep the relevant documents before raising a servicing query.

You can review available loan account information through the Bajaj Finance App or My Account portal. The account information and service options available may vary by loan.

Through the Bajaj Finance App or My Account portal:

1. Sign in using your registered mobile number and OTP.
2. Go to Service or My Relations and select the relevant loan account.
3. Review the loan status, outstanding amount, payment history, and available account details.
4. Check the latest Statement of Account or other available closure-related records.
5. Review the charge or outstanding amount shown after loan closure.
6. Compare the entry with your payment receipts, bank statement, and closure records.
7. Save the relevant documents and transaction details for future reference.

If the charge is unclear, retain the Loan Account Number, payment details, transaction reference, final statement, and closure-related documents. These records can help when requesting clarification.

What should you do if the additional charge appears incorrect?

If an additional charge does not match your records, first identify the specific entry and compare it with your loan agreement, payment history, and final closure statement. Do not ignore an amount simply because the loan account was previously shown as closed.

You can take the following steps:

1. Identify the charge: Note the amount, date, and description shown in the loan account.
2. Check your records: Compare it with payment receipts, bank statements, and the final loan statement.
3. Review the applicable terms: Check whether your loan agreement or applicable fee structure covers the charge.
4. Raise a servicing request: Contact the lender through an authorised channel and provide the relevant documents.
5. Request clarification: Ask for the basis and calculation of the charge if the account entry is unclear.
6. Follow the grievance process: If the issue is not resolved, use the applicable escalation or grievance mechanism.

If the charge is valid under the applicable terms, you may still need to clear it even if the main loan amount has already been repaid. If you have received a legal notice relating to earlier overdue dues, do not treat a post-closure charge query as a substitute for addressing the requirements stated in the notice.

How can you avoid unexpected charges after loan closure?

Checking the final payable amount before closing your loan and keeping all closure-related records can help you identify any remaining account entries. Confirm that the final payment includes applicable interest and charges and that all scheduled EMIs have been accounted for. After making the final payment, review your loan account and check that the closure status has been updated correctly. Retain the closure statement or confirmation, payment receipts, bank statements, and transaction references for future reference. These records can help you verify any charge that appears after closure and support a servicing query if required. If you have received a legal notice because of earlier payment delays, closing the loan does not automatically remove accurately reported repayment delays or resolve separate requirements stated in the notice. Review the notice and account position separately and take timely action.