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What are consumer durable loan payment services?
Consumer durable loan payment services are facilities that help borrowers make scheduled EMI payments and manage amounts due on their loan account. A consumer durable loan can be used to finance eligible purchases such as electronic appliances and other consumer products, with repayment made through EMIs over the agreed tenure. Depending on the loan account and available services, borrowers may be able to make regular EMI payments, clear overdue EMIs, pay eligible future EMIs in advance, or foreclose the loan where permitted. Payment services may also allow borrowers to review their loan account and payment details. The options available depend on the loan agreement, account status and applicable terms. Check your loan account before making a payment to confirm the amount due and available payment options.
What payment options are available for a consumer durable loan?
Consumer durable loan payment options can include regular EMI payment, advance EMI payment, overdue EMI payment and foreclosure, subject to the applicable loan terms.
| Payment option | When it may be relevant | What to check |
| Regular EMI payment | Your EMI is due as scheduled | Due date and amount payable |
| Advance EMI payment | You want to pay eligible future EMIs in advance | Number of EMIs that can be paid in advance |
| Overdue EMI payment | One or more EMIs remain unpaid after the due date | Outstanding EMI and applicable charges |
| Loan foreclosure | You want to close the eligible loan before its scheduled end date | Foreclosure eligibility and applicable amount |
The payment option available for your account may vary. For example, the current consumer durable loan payment service information states that part-prepayment is not available for this loan type.
Pay consumer durable loan EMI online using Bajaj Finance
Consumer durable loan EMI payments can be made through available digital payment services, including the Bajaj Finance App and My Account. Before making the payment, check your loan account and confirm the amount due, then select the applicable payment option.
To make a payment through the customer portal:
- Open My Account and sign in using your registered mobile number.
- Verify your identity using the OTP and required details.
- Select the relevant loan account.
- Choose the available payment option.
- Enter or review the amount payable, including any applicable charges shown.
- Review the payment details and complete the transaction through the available payment facility.
You can also use the Bajaj Finance App to access the payment section and select the relevant loan account and payment option. The exact options displayed can depend on your account and its current status. After making a payment, retain the transaction confirmation or reference details until the payment is reflected in your loan account.
Can you foreclose a consumer durable loan?
Loan foreclosure allows an eligible borrower to repay the outstanding amount and close the consumer durable loan before the scheduled end of the tenure. It is different from paying an EMI in advance, as foreclosure is intended to close the loan account, while advance EMI payment covers eligible future instalments. Before requesting foreclosure, check whether your loan is eligible, the outstanding and foreclosure amount, applicable terms or charges, and the confirmation or documents provided after closure. The available consumer durable loan payment information states that foreclosure can be used after the first EMI has been successfully paid. The specific conditions applicable to your loan account should be checked before proceeding.
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Frequently Asked Questions
Consumer Durable Loan Payments
Consumer Durable Loan Payments
Can I pay my consumer durable loan EMI before the due date?
Available payment services may allow eligible EMIs to be paid before their scheduled due date. The number of future EMIs that can be paid and the applicable conditions depend on your loan account.
Can I pay my consumer durable loan EMI using UPI?
Digital payment options available for your loan account may include UPI or other payment methods. Check the payment options displayed after selecting your loan account through the official payment platform.
How can I know whether my consumer durable loan payment was successful?
You can check the payment confirmation and transaction reference after completing the transaction. You should also review your loan account to confirm that the payment has been reflected.
What should I do if my consumer durable loan payment is not reflected?
Keep the transaction reference and payment confirmation. Check the loan account again after the applicable processing period and raise a service request through the official channel if the payment remains unrecorded.
Does an overdue consumer durable loan affect my CIBIL score?
An overdue EMI can affect your credit record when repayment information is reported to credit information companies. The impact depends on factors such as the duration and status of the overdue amount and the lender's reporting.
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