Support available Online, on call, or at branches
Get answers instantly without waiting on call:
Enter mobile and OTP · No password needed · No branch visit needed
Bajaj Finance offers three loan variants on select products: Term Loan, Flexi Term Loan, and Flexi Hybrid Loan. When you choose either of the Flexi variants, you're assigned a loan limit that you can withdraw from as and when you need it, with interest charged only on the amount you've actually withdrawn, not your full limit. You can also part-prepay your loan at any time, with no additional fee.
With a Flexi Loan, you have the option of registering two separate bank accounts: your repayment bank account and your drawdown bank account. Understanding the difference, and how to update each one, helps you keep your loan running smoothly.
How to update your repayment bank account for your Flexi Loan
Your repayment bank account is the one your monthly EMIs are deducted from, on the date set when your loan was disbursed. You share these details when you first apply for the loan, but if your bank account changes later, you can update it entirely online.
- Click 'Sign-in' to visit My Account, the Bajaj Finance customer portal
- Sign in using your registered mobile number and OTP
- Enter your date of birth to verify your details
- Select your loan account from the 'My Relations' section
- Click 'Change Bank Account' below your repayment bank account details
- Enter the required details, such as bank name and IFSC code
- Choose your registration mode and proceed
How to update your drawdown bank account for your Flexi Loan
Your drawdown bank account is where you receive the funds you withdraw from your available Flexi Loan limit. You can use the same account as your repayment bank account, or register a separate one specifically to receive drawdown funds.
- Click 'Sign-in' to go to My Account, the Bajaj Finance customer portal
- Enter your registered mobile number and OTP to sign in
- Verify your details by entering your date of birth
- Select your loan account from the 'My Relations' section
- Click 'Drawdown Bank Change' under 'Quick Actions'
- Verify your details and complete OTP verification
- Enter your new bank account details and IFSC code
- Complete your KYC verification using DigiLocker to finalise the change
Repayment vs drawdown bank account: What's the difference
| Repayment bank account | Drawdown bank account | |
|---|---|---|
| Purpose | Where your monthly EMI is deducted from | Where you receive funds when you withdraw from your loan limit |
| Set when | At the time of loan application | Can be the same as your repayment account, or registered separately |
| Change process | Change Bank Account under 'My Relations' | Drawdown Bank Change under 'Quick Actions', plus DigiLocker KYC verification |
Keeping both accounts updated ensures your EMIs are deducted without issue and that any funds you withdraw reach the right place.
You can also manage both bank accounts through the Bajaj Finance app, available on the Play Store and App Store, so you can make updates on the go.
Essential Financial Guides and Banking Resources
Frequently Asked Questions
Repayment Bank Account
Drawdown Bank Account
What is the difference between a repayment and a drawdown bank account?
Your repayment account is where your EMIs are deducted from, while your drawdown account is where you receive funds when you withdraw from your Flexi Loan limit. These can be the same account or two separate ones, based on your preference.
Can I use the same bank account for both repayment and drawdown?
Yes, you can use a single bank account for both purposes, or register a separate account specifically for receiving drawdown funds, depending on what's most convenient for you.
Why do I need to complete DigiLocker verification to change my drawdown bank account?
DigiLocker verification is required as part of the KYC process to confirm your identity securely when changing where you receive funds, helping protect your account from unauthorised changes.
Is there a waiting period after updating my profile before I can change my bank account?
There may be a waiting period if you've recently updated other profile details. Check My Account or contact Bajaj Finance customer care to confirm the exact timeframe applicable to your account before attempting the change.
More Articles
Disclaimer
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent inaccuracies or typographical errors or delays in updating the information. The material contained in this site, and on associated web pages, is for reference and general information purpose and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Subscribers and users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. In case any inconsistencies observed, please click on reach us.
*Terms and conditions apply.