How to Change Bank Account, Fix EMI Errors & Raise Complaints

Changing your repayment bank account for a Bajaj Finserv loan is a straightforward process. Follow the steps below to ensure a smooth transition:

Steps to change your repayment bank account:

1. Visit the Bajaj Finserv customer portal: Log in to the Bajaj Finserv Experia portal using your registered mobile number or email ID.
2. Navigate to the ‘Mandate Management’ section: Once logged in, locate the mandate management section under the services menu.
3. Select your loan account: Choose the loan account for which you want to update the repayment bank account.
4. Provide new bank account details: Enter the new bank account details, including the account number, IFSC code, and other necessary information. Ensure that the account is active and has sufficient funds for EMI debits.
5. Upload required documents: Attach the necessary documents, such as a cancelled cheque or bank statement for the new account.
6. Submit the request: Double-check the information and submit the request. You will receive a confirmation once the new bank account is updated.

Pro-tip:

Ensure that your new bank account is operational before initiating the change to avoid any missed EMI payments. Also, monitor your loan account for the first few months to confirm that the EMIs are being debited from the updated account.

If your EMI has been debited even after you made an advance payment, follow these steps to resolve the issue:

1. Check your loan account statement: Log in to the Bajaj Finserv Experia portal and review your loan statement to ensure the advance payment has been credited.
2. Contact customer support: If the advance payment is reflected but the EMI was still debited, contact Bajaj Finserv customer care through their toll-free number or email.
3. Provide payment proof: Share the receipt or transaction details of your advance payment for verification.
4. Request for reversal or adjustment: Request that the debited EMI amount be adjusted toward future payments or refunded to your account.
5. Follow up: Monitor your account for updates and ensure the issue is resolved promptly.

Why it matters:

Resolving such issues quickly ensures that your finances remain on track and prevents any unnecessary stress or additional charges.

How to stop or pause EMI for a Bajaj loan

If you are facing financial difficulties and need to temporarily stop or pause your EMI payments, here are the steps to follow:

1. Contact customer service: Reach out to Bajaj Finserv’s customer care team to discuss your situation.
2. Check for moratorium options: In specific circumstances, such as during a financial crisis or pandemic, Bajaj Finserv may offer moratorium options.
3. Provide necessary documents: If eligible for a moratorium, submit the required documents, such as proof of financial hardship or income loss.
4. Request confirmation: Ensure that you receive a written confirmation of the moratorium approval.

Important note:

Pausing EMIs may result in an extension of your loan tenure or an increase in interest costs. Carefully review the terms before proceeding.

EMI debited but not updated in the loan statement

If your EMI has been debited from your bank account but is not reflected in your Bajaj Finserv loan statement, follow these steps to address the issue:

1. Verify the transaction: Check your bank statement to confirm the EMI debit and note the transaction reference number.
2. Log in to the Experia portal: Verify your loan statement to ensure the payment has not been updated.
3. Contact customer support: Share the transaction reference number and other relevant details with Bajaj Finserv’s customer care team.
4. Request an update: Request that the payment be updated in your loan statement.

Pro-tip:

Keep a record of all communication and transaction details to ensure a smooth resolution process.

To confirm whether your EMI has been cleared or realised, follow these steps:

1. Log in to the Experia portal: Use your registered mobile number or email ID to access the Bajaj Finserv customer portal.
2. Navigate to your loan account: Select the relevant loan account for which you want to check the EMI status.
3. View EMI details: Go to the ‘EMI Details’ section to check the status of your EMI, including the due date, payment date, and clearance status.
4. Download the statement: Download the loan statement for a detailed view of your payment history.

Why it matters:

Regularly checking your EMI status helps you stay on top of your financial commitments and avoid penalties for missed payments.

Bank account was funded but EMI not debited – How to raise a complaint

If your bank account had sufficient funds but the EMI was not debited, here is what you need to do:

1. Verify account balance: Double-check your bank account balance on the due date to confirm sufficient funds were available.
2. Check mandate validity: Ensure that your auto-debit mandate is active and has not expired.
3. Contact customer support: Reach out to Bajaj Finserv’s customer care team and provide details such as your loan account number and transaction history.
4. Request resolution: Request that the EMI be debited or provide an alternative payment method to avoid penalties.
5. Follow up: Monitor your loan account to ensure the issue is resolved and the EMI is debited correctly.

How to request return of PDC cheques for a closed loan

If your loan has been closed and you need to retrieve your post-dated cheques (PDCs), follow these steps:

1. Log in to the Experia portal: Access your loan account using your registered credentials.
2. Go to the ‘Service Requests’ section: Select the option to request the return of PDCs.
3. Submit the request: Provide your loan account details and any additional information required.
4. Confirmation: You will receive a confirmation once your request has been processed.

How to update or change your auto-debit mandate (eNACH/eMandate)

To update or change your auto-debit mandate for a Bajaj Finserv loan, follow these steps:

1. Log in to the Experia portal: Use your registered mobile number or email ID to access your account.
2. Navigate to the ‘Mandate Management’ section: Locate the option to update your auto-debit mandate.
3. Provide new mandate details: Enter the details of your new bank account, including the account number, IFSC code, and other necessary information.
4. Upload required documents: Attach supporting documents, such as a cancelled cheque or bank statement.
5. Submit the request: Confirm the details and submit the request.
6. Monitor updates: Check your loan account to ensure the new mandate is active and functioning correctly.

EMI debited from old mandate despite new mandate registration

If your EMI has been debited from your old mandate even after registering a new one, here is how to resolve the issue:

1. Check mandate status: Log in to the Experia portal and verify whether the new mandate has been activated.
2. Contact customer support: Provide details of the new mandate registration, including the date it was submitted.
3. Request adjustment: Request that the amount debited from the old mandate be adjusted or refunded.
4. Monitor updates: Keep track of your loan account to ensure the issue is resolved.

Conclusion

Managing Bajaj Finserv loan repayments is simple and hassle-free when you are aware of the processes for resolving common issues. Whether you need to change your repayment bank account, update your auto-debit mandate, or address EMI-related concerns, Bajaj Finserv provides user-friendly solutions through its Experia portal and customer support. By following the steps outlined in this guide, you can ensure smooth financial management and avoid unnecessary stress.

Take control of your loan repayments today. Log in to the Bajaj Finserv Experia portal to manage your loan account and resolve any issues with ease.